Monday, February 26, 2007

Guesstimates on February 26, 8:50 am ET

Spiders - March S&P Futures: The Spiders are headed for 147.00 and the S&P’s for 1470. Support today in the Spiders is at 145.10 and is at 1451 in the S&P’s.

QQQQ: I expect the Q’s to rally to 46.40 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. Next upside target for the bonds is 112-16.

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. Next upside target is 108-08.

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: Next upside target is 123.60. I expect to see the yen trade at 130 in 2007.

OIH - USO - April Crude
: OIH should soon drop to to 129-130. USO should drop to 45. Resistance in April crude is at 62.50 and from there the market should drop to 55.00.

GLD - April Gold: I think that both GLD and April gold are very near important tops. An extended drop will start soon.

March Silver
: Silver now has resistance at 1475. Its bear market will resume soon.

Google: Google is headed upward to 564.

1 comment:

Anonymous said...

With the Amex Broker/Dealer index breaking its uptrend line are you still bullish on NYX, and, if so, where do you see the next level of support for NYX?