Tuesday, January 16, 2007

Guesstimates on January 16, 8:50 am ET

Spiders - March S&P Futures: Support today stands at 1435 in the S&P futures and at 142.70 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: Support is at 44.80 and the next upside target is 47.20.

March Bonds: Resistance today is at 111-08 while the short term downside target is 110-04. The market is headed into the 109-110 zone.

March 10 Year Notes: Resistance today is at 107-12. 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: Support in USO stands at 43.50 and I think the market will rally to 47.50 before the bear market resumes. Support in crude is at 51.00 and a rally into the 56.00 to 57.00 range is imminent. Much lower prices are likely in the months ahead.

GLD - February Gold: GLD is headed downward to 56.00. Gold has short term resistance at 630 and should soon be trading below 600.

March Silver: Resistance above the market is now at 1305. 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 490.

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