Wednesday, January 10, 2007

Guesstimates on January 10, 8:50 am ET

Spiders - March S&P Futures: Early this morning the S&P futures broke a little below Monday’s low at 1413. I think this means that the futures are headed down to 1407 or so from which point they should begin an advance to 1455. The Spiders should find support near 139.60 and then rally to 144.40.

QQQQ: The market is on its way to 44.70. Meantime support is at 43.50.

March Bonds: Resistance is at 112-28 and the market is headed into the 109-110 zone.

March 10 Year Notes: The notes have resumed their drop into the 105-106 range.

Euro-US Dollar
: I think that a move to 116 and lower is underway. Resistance above the market is at 132.10.

Dollar-Yen: The market is headed for temporary resistance at 121.70. Support is at 118.00. I expect to see the yen trade at 130 in 2007.

USO - February Crude: USO got close to 46.00 support yesterday but crude still has a way to go to reach its support near 52.50. Once both markets have reached support I expect crude to rally three or four dollars. Much lower prices are likely in the months ahead.

GLD - February Gold
: GLD is headed downward to 56.00. Gold has begun a break which will carry it below 600 and eventually below 500.

March Silver: Resistance above the market is at 1265. I think a big drop in silver is underway and will carry the market below 900.

Google: A move up to 564 is underway. Support is at 456.

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