Tuesday, January 30, 2007

Guesstimates on January 30, 8:50 am ET

Spiders - March S&P Futures: I expect the Spiders to hold support near 141.60 and then to resume their rally to 145.00. The futures should hold support near 1421 and then move up to 1455.

QQQQ: The Q’s should hold support near 43.20 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 should rally to 110-00 or so and then drop to 108-28. I think a basing process has begun that will be followed by a move above the 115 level.

March 10 Year Notes: The notes have reached their downside target at 106-08. A rally to 106-24 is likely. After that the notes will probably drop to 105-28. I think the market has begun a basing process. After it is complete I expect a move to above the 110 level.

Euro-US Dollar: The euro is likely to rally to 130.00 and then drop to its next support near 126.90.

Dollar-Yen: The yen is headed for 122.50. Support is at 119.80. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude
: I think OIH will drop to 128 or so and then rally back to 137. USO still has resistance at 47.00 and from there will drop back to 43.00. I think crude will drop close to 52.00 and then rally to 57.50.

GLD - February Gold: GLD is still stalling in the 64.00 - 65.00 zone. A close below 64.00 would have very bearish implications. I think it is still a good bet that the market will drop from here.

March Silver: A close below support at 1323 would be very bearish. Meantime I believe that silver will rally at least to1365.

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


Anonymous said...

Hi Carl,
Is it possible to follow the XLE's as well? They're more diversified than the OIH!

Anonymous said...

The OIH are flying today - almost at 136. Is this changing the roadmap you see?