Thursday, January 25, 2007

Guesstimates on January 25, 8:50 am ET

Spiders - March S&P Futures: The Spiders are headed for 145.00 and support today is at 143.00. The S&P futures are headed for 1455 and support stands at 1435

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 at 111-12. Next downside target is 109-04.

March 10 Year Notes: Resistance 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 have resumed the 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 a close above the 65.00 would mean much higher prices lie ahead. Gold has moved relentlessly higher, contrary to my expectation, but this morning has traded about 5 dollars above its last top at 648. If it closes above 649 today I shall conclude that much higher prices lie ahead.

March Silver
: Silver has moved well above its last top at 1324. A close today above 1332 will convince me it is headed back above 1400.

Google: A move up to 564 is underway. Support is at 478.


Anonymous said...

dear mr futia,re gld. i would hold out one possibilty for a slightly higher turning price basis fib relationships that my friend jim kane showed me.jim has done alot of work on the rigourously derived fib areas of .886 and 1.128. .886 is the ''last gasp'' area and the 1.128 is where stops are run to over and over... please note this conflunce... from the high of 7/14/06 to the low 10/16/06 the .886 retrace is65.17... from the high of 12/1/06 to the low of 1/5/07, the 1.128 is 65.18, from the high of 1/1/07 to the low of 1/5/07, the more common 1.27 is 65.19.... i believe that is an important level.

Anonymous said...

I must say that is a very bold call on the Q's. Given the level of bullishness, huge drop 18% on the Q's short interest, etc.

If you get that right, give me your subscription site, I will pay for it.

By the way do you reply to these posts? Kina new.

Best trades to you.