Wednesday, January 03, 2007

Guesstimates on January 3, 8:50 am ET

Spiders - March S&P Futures: The S&P Spiders are headed for 144.40. Support today is again at 141.50. The March futures are headed for 1455. Support in the futures is again at 1431.

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

March Bonds: The bonds rallied past resistance in the 111-24 to 111-30 range this morning but should halt at 112-08 and then 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 a little past resistance near 107-28 this morning but 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 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 118.00. 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 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.

1 comment:

Anonymous said...

Happy New Year. May this New Year spread the petals of joy and the lovely fragrance of happiness in your life.

Great & Excellent observations.