March S&P Futures: 1264 is support and I think the market is now on its way to 1298.
March Bonds: The bonds have nearly reached resistance at 114-16 and support now is at 113-16. I expect a rally into the 115-116 zone before the bear market resumes.
March 10 Year Notes: The notes should rally to 109-28 and meantime support is at 109-08. I expect this market to move into the 111-112 zone before the bear market resumes.
March Eurocurrency: Short term support is at the 118.20 level and the next upside target is 122.30. The market is eventually headed for 123.50.
February Crude: I now think the market is headed for 56.90. I expect crude to trade in a range of $54 to $64 for several months before going much lower.
February Gold: I now looks like the market made a rally top at 511 but most rallies have two distinct upward phases. So I think we will see a drop to 500 or so and then a second upward phase to 520. I think that the 544.90 high will hold for at least several weeks.
March Silver: Silver has reached 880 resistance and a drop back to 850 now would be normal. A second upward phase will probably carry the market from 850 to 900. The high at 934.5 (electronic) will hold for at least several weeks.
Google: GOOG will trade between 415 and 435 for a few days. The next upside target is 490.
1 comment:
carl:
i hope you had a good holiday weekend.
Anyway, just wondering do you think we will have the same january effect as last year. a big sell off in january?
thanks
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