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.
Google: A move up to 564 is underway. Support is at 485.
2 comments:
What now when gold has already reached 625
papuskc@gmail.com
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.
Thanks,
Nate
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