Tuesday, January 09, 2007

Guesstimates on January 9, 8:50 am ET

Spiders - March S&P Futures: I think the Spiders have started a rally to 144.40 and the futures have started a rally to 1455.

QQQQ: The market is on its way to 44.70.

March Bonds: Resistance is at 112-28 and 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 is underway. Resistance above the market is at 132.10.

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

USO - February Crude: It now looks like USO will drop to 46.00 before it can rally as much as 3 dollars. Crude oil should drop to 52.50 and then rally three or four dollars before resuming is drop to 50 or lower.

GLD - February Gold: GLD is headed downward to 56.00. Gold has begun a break which will carry it below 600 and eventually below 500.

March Silver: Resistance above the market is at 1265. 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.

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