Friday, January 05, 2007

Guesstimates on January 5, 8:50 am ET

Spiders - March S&P Futures: I think we shall see the S&P Spiders drop today to 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 42.90 and then resume its rally to 44.70.

March Bonds: The bonds broke above 112-08 resistance yesterday but have come down hard on this morning’s employment number. The market is headed into the 109-110 zone.

March 10 Year Notes
: The notes have resumed 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.

Dollar-Yen: 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: USO broke below the support zone I estimated in yesterday’s post. Still, I think that there is even stronger support near 46.00 and that the market will rally for a least a few days from there. Crude also dropped below my estimated support zone but here too I think the 54.50 to 55.00 zone is even stronger support and that at least a three dollar rally will start from there. 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.


Aurelien said...

Hey Carl,

Looking at the futures the last few days, it seems that support is in the 1417-19 range, not 1414-16. Are you basing your guess of a drop to the 1415 level on previous support levels or perhaps is it based on a box you've created?

Aurelien said...

of course once I wrote my thoughts the market came right down into the area you predicted. Hopefully your 1455 prediction comes soon too.