Thursday, January 04, 2007

Guesstimates on January 4, 8:50 am ET

Spiders - March S&P Futures: The S&P Spiders should find support near 140.40 and then begin a rally to 144.40. Support in the March futures is in the 1414-16 zone. From there the market should begin a rally to 1455.

QQQQ: The market should find support near 42.40 and then resume its rally to 44.70.

March Bonds: The bonds should stay below resistance at 112-08 and resume their drop into the 109-110 zone.

March 10 Year Notes
: Resistance is at 108-00 and the notes should soon resume their drop into the 105-106 range.

Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market is at 132.10.

: The market is headed for temporary resistance at 121.70. Support today is at 118.00. I expect to see the yen trade at 130 in 2007.

USO - February Crude: There is temporary support for USO in the 49.00 to 49.50 range. is headed for 50.40. Resistance above the market is at 51.50. Support for Crude is at 57.50 and I expect the market to attempt to rally from this level. Much lower prices are likely over the next few months.

GLD - February Gold: GLD is headed downward to below 60.00. Gold has begun a break which will carry it below 600 and eventually below 500.

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 456.

1 comment:

Anonymous said...

would be a perfect time for a mini crash here

no one is expecting it