Tuesday, January 02, 2007

Guesstimates on January 2, 9:20 am ET

NOTE: FLOOR TRADING IN THE UNITED STATES IS CLOSED TODAY DUE TO THE FUNERAL OF FORMER PRESISDENT FORD. MANY ELECTRONIC MARKETS WILL OBSERVE NORMAL HOURS. (Added later- I was wrong about this; after a brief early morning session most electronic markets have closed until this evening.)

Spiders - March S&P Futures: The S&P Spiders are headed for 144.40. Support today is again at 142.00. The March futures are headed for 1455. Early this morning they regained support at 1431 which had been broken during the final hour of trading of 2006.

QQQQ: The market is headed for 44.70. Support today is at 43.20.

March Bonds: The bonds rallied to resistance in the 111-24 to 111-30 range this morning and now should head down to 110-20. The market is headed down to 109-110 over the next few weeks.

March 10 Year Notes: The notes have rallied to resistance near 107-28 this morning and should soon drop below 107. The market is headed down into the 105-106 range over the next few weeks.

Euro-US Dollar: The market broke past resistance at 132.00 this morning but should stop its rally near 133.00. I think that a move to 116 and lower has begun.

Dollar-Yen: The market is headed for temporary resistance at 122.00. Support today is at 118.50. I expect to see the yen trade at 130 in 2007.

USO - February Crude: USO is headed for 50.40. Resistance above the market is at 51.80. Resistance in crude oil is at 62.50. I expect crude to drop to 57.50.

GLD - February Gold: GLD has moved a bit above the 63.00 level but I still think the next significant move will be downward to below 60.00. Resistance in gold is at 643 and the market should soon begin a drop to below the 500 level.

March Silver: Resistance above the market is now at 1330. I think a big drop in silver is underway and will carry the market below 900.

Google: A move up to 564 is underway.

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