Wednesday, March 28, 2007

Guesstimates on March 28, 8:50 am ET

Spiders - June S&P Futures: The Spiders are headed for the 151-53 range over the next few months. Support today is at 141.60. The corresponding numbers for the June futures are 1510-30 with support at 1426.

QQQQ: The Q’s broke above resistance at 43.70 and this means that the market is on its way into the 47-48 range. Support stands at 43.54.

TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds have dropped a little below 111-24 but the notes are holding support. For this reason I want to give the bonds a little leeway and am still looking for a 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 that the next 500 pips from here will be downward.

Dollar-Yen: The 115.14 low on March 5 will hold and that the market is now headed for 123. Meantime the 118.30 level is resistance. I expect to see the yen trade at 130 later this year.

OIH - USO - May Crude: I think OIH will reach 151-53 before resuming its longer term drop. USO will rally too but only to 52 or so. May crude rallied sharply late yesterday on a rumor of fighting in the Persian Gulf. Resistance today is 66.00. I still think the next big move will be downward to 55.00 or so.

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

May Silver: Silver has resistance today at 1365 and an extended drop lies dead ahead.

Google: I think the 437 low in Google will hold and that the move to 564 has started.

1 comment:

Anonymous said...

Carl,

Been following your blog. When you give support levels and they are broken does this change as well with your forcasts short term?

Love the blog and thanks.

Jim