Wednesday, February 21, 2007

Guesstimates on February 21, 8:50 am ET

Spiders - March S&P Futures: The Spiders are headed for 146.80 and the S&P’s for 1470. Support today in the Spiders is at 145.00 and is at 1452 in the S&P’s.

QQQQ: I expect the Q’s to rally first to 45.60 and then into the 47-48 range.

TLT - March Bonds: The lows made on January 26 will hold. TLT is now headed up into the 94-95 range. The bonds are headed for 120. Support in TLT is at 87.50 and in the bonds at 110-24.

March 10 Year Notes: I now believe the notes made their low on January 26 and are now headed for 111. Support is at 107-04.

Euro-US Dollar
: I now think it is unlikely that the euro rally as far as 132.30 and am pretty sure that the next down leg has started.

Dollar-Yen: I think the next up leg has started and that the yen will probably not make it down to 118.80. Next upside target is 123.60. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude: This swing should carry OIH to 129-130. USO should drop to 45. Crude is about to drop to 54.00.

GLD - April Gold: Resistance in GLD is the 67-69 range. Resistance in gold is 675-690. I think an extended decline will start soon.

March Silver: I think silver will move a little higher to 1430. From there the bear market should resume.

Google: Google has dropped nearly to its last low at 454 but I think this reaction is over and that the next big move will be upward to 564.

1 comment:

Anonymous said...

so why do believe oil is goin to 54 and gold is goin down I think you are wrong. I think things are just starting to move upward.