Friday, January 12, 2007

Guesstimates on January 12, 8:50 am ET

Spiders - March S&P Futures: Support today stands at 1426 in the S&P futures and at 141.70 in the Spiders. I am expecting an advance in the futures to 1455 and in the Spiders to 144.40 over the next couple of weeks.

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

March Bonds: Short term support is at 110-04 and the market is headed into the 109-110 zone.

March 10 Year Notes: Short term support is at 106-20. The notes are headed for the 105-106 range.

Euro-US Dollar
: I think that a move to 116 and lower is underway. Short term support is at 128.50 and resistance above the market is at 130.20.

Dollar-Yen: The market is headed for temporary resistance at 121.70. Support is at 119.00. I expect to see the yen trade at 130 in 2007.

USO - February Crude: USO has dropped more than I expected but crude hit strong support yesterday at 52.50. I now think USO will rally to 47.50 before resuming its longer term drop. Crude should rally to 57.00 or so. 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.

: A move up to 564 is underway. Support is at 485.


Anonymous said...

What now when gold has already reached 625

Anonymous said...

Carl, I read your blogs very morning and then during the day. I find it very informative, but today's USO prediction seems not to have materialized at 1 PM it is only at $44.47 and has not yet rallied to $47.50. Please tell me what you expect for today with today's movement of USO.