Wednesday, March 14, 2007

Guesstimates on March 14, 8:50 am ET

Spiders - June S&P Futures: The Spiders are on the way down to 135 over the next couple of weeks. On the way down I expect a brief rally of a point or two to begin from a temporary low in the 136.50-137.00 range. The S&P’s are headed for 1360. There too I expect a brief rally of 10-20 points to begin from the 1375-80 zone.

QQQQ: Resistance still stands at 43.70 and a drop to the 39.50 target is underway.

TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds should hold the112-08 level and then rally to 114-24. Over the next few months the bonds are headed for 120.

June 10 Year Notes: The notes made their low on January 26 and are now headed for 111. Short term support is at 108-08 and the next upside target is 109-18.

Euro-US Dollar: I think a drop in the euro to below the 125 level is underway. Resistance is at 132.20.

Dollar-Yen: My best guess now is that the entire drop from the 122.18 level will carry the market to 113. Meantime the 118.30 level is resistance. I expect to see the yen trade at 130 in 2007.

OIH - USO - April Crude: OIH should soon drop to 129-130. USO should drop to 45. April crude is headed down to 54.50.

GLD - April Gold
: I think that both GLD and April gold have begun an extended decline that will carry gold well below 600. Resistance today in the futures is at 665.

May Silver: Silver has begun an extended drop that will carry the market below 1000. Resistance today in the futures is at 1336.

Google: Support in Google is at 430. From there a move to 564 will begin.

1 comment:

Anonymous said...

S&P almost hit it's target, but the QQQQ refuses to really dump. What do you think is going on?