Tuesday, January 04, 2011

Guesstimates on January 4, 2011

March S&P E-mini Futures: Today's range estimate is 1265-12745. Short term support is now at 1255. I think a top building process is underway and will be followed by a drop of 50 points. Once it is complete the market will resume its advance to 1300.

QQQQ: Next upside target at 55.00 has been reached. After a brief reaction I think the market will rally to 58.50.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will be supported near 130 and from there will move up to 145.00.

Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

February Crude: I still think crude oil is headed for 50.00.

GLD – February Gold: A move to new highs is underway. 1495 is the next upside target.

SLV - March Silver: The upside target at 31.00 has been reached but there is still no sign of a top. Next upside target is 36.00.

Google: The 540 level is support. A move that should take GOOG above 700 is underway.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 265.


curt said...

hi carl, i was wondering the same thing as egnard in yesterdays comment. When, instead of a topping formation does this becomes a consolidation? does not a one month top building indicate an even greater drop of a mere 50 pts?

dar said...

February crude to $50? Currently trading at $89. Could you discuss this/revise your estimate?