Wednesday, January 24, 2007

Guesstimates on January 24, 8:50 am ET

Spiders - March S&P Futures: The Spiders are headed for 144.40 and support today is at 142.40. The S&P futures are headed for 1455 and support stands at 1431

QQQQ: The Q’s are headed for 47-48..

TLT - March Bonds: TLT is headed down into the 86-87 range. The bonds have resistance today at 111-12. Next downside target is 109-04.

March 10 Year Notes
: Resistance today is at 107-16. Next downside target is 106-08. The notes are headed for the 105-106 range.

Euro-US Dollar: The Euro has resistance at 130.70 and should soon resume its decline to under 116.

Dollar-Yen: The yen has reached temporary resistance at 121.70. Support is at 119.50. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude: OIH has nearly reached resistance at 137 and should soon head down to 126 again. I think USO will rally to 47.00 before the bear market resumes. Crude should rally into the 56.00 to 57.00 range. Much lower prices are likely in the months ahead.

GLD - February Gold: GLD has reached strong resistance in the 64.00 - 65.00 zone and soon will start an extended drop. Gold has moved relentlessly higher, contrary to my expectation, but has reached its last top at 648. I think it will take a peek above that level but then start an extended drop to 600 and then continue lower.

March Silver: Resistance above the market is 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. Support is at 465-68.

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