Friday, January 26, 2007

Guesstimates on January 26, 8:50 am ET

Spiders - March S&P Futures: I expect the Spiders to hold support near 142.20 and then to resume their rally to 145.00. The futures should hold support near 1428 and then move up to 1455.

QQQQ: The Q’s should hold support near 43.60 and then resume the move up to 47-48.

TLT - March Bonds: TLT should find support near 86.50. I expect the market to start a trading range in this vicinity which should be followed a rally to 94-95. The bonds have nearly reached support near 109-04. I think the market will soon start moving sideways in preparation for a move above the 115 level.

March 10 Year Notes
: The notes have reached their downside target at 106-08. I think the market is about to establish a trading range. The next big move from here should be upward above the 110 level.

Euro-US Dollar: The Euro is about to break downward from its recent trading range. Next support is at 126.90.

Dollar-Yen: The yen is now headed for 123.00. Support is at 119.80. 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 stopped 50 cents shy of the 47.00 target but now looks like it will drop back to 43.00 before it tries to rally again. I think crude will drop close to 51.00 and then try to rally once more.

GLD - February Gold: GLD has so far stalled in the 64.00 - 65.00 zone and a close below 64.00 would have very bearish implications. Gold did not close above 649 yesterday so I think it is still a good bet that the market will drop from here.

March Silver: Silver closed well above 1332 yesterday but gold did not perform as well. I think the best thing to do is lean on support near 1323. A close below there would be very bearish. Meantime I have to believe that silver will rally at least to1365 and possibly to 1400.

Google: A move up to 564 is underway. Support is at 485.

1 comment:

Anonymous said...

Are you concerned about the double top formation that Google has recently put in?