Spiders - December S&P E-mini Futures: The e-minis are trading above 1480 resistance. My downside target is still 1395 but whatever high the market makes today will be my “line in the sand”. Higher highs next week will mean that we have already seen the low of the drop from the 1537 high of December 11. In any case I think most of the first quarter of 2008 will be very bullish and that the e-minis will trade above 1600 during that time.
QQQQ: The Q’s are headed for 47.00. Resistance is 51.10.
TLT - March Bonds: Resistance above the market is at 116-24. I think that a drop of 7-10 points is underway. TLT is headed for 87.
March 10 Year Notes: Resistance above the market is at 113-16. I think the notes have started a drop of about 5 points.
Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.
Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 109.50.
XLE - OIH - USO – February Crude: The market is headed for 79.50. Resistance now stands at 96.50. USO should drop to 56, OIH to 155 and XLE to 60 within the next few weeks.
GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.
SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. Support is at 1350.
Google: GOOG has support at 640.