March S&P Futures: Support below the market today is at 1437 but I suspect the S&P’s will dip into the 1432-34 zone at least one time this week before the market can rally to 1455.
March Bonds: The bonds are headed down into the 109-110 range. Next short term support is at 111-24.
March 10 Year Notes: The notes are headed down into the 105-106 range. Next short term support is at 108-00.
Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market today is at 131.60.
Dollar-Yen: I think a move to 121 and ultimately to 130 has begun. Support stands at 117.40.
February Crude: Switching to the February contract today which trades about 60 cents over January. Resistance above the market is at 63.80. I expect crude to drop to 57.50.
February Gold: I think a big drop in gold is underway and will carry the market below 500. Short term support is 605.
March Silver: I think a big drop in silver is underway and will carry the market below 900. The 1245 level is short term support.
Google: Last January’s top at 475 is now support and I expect Google to soon resume its rally to 564.