Thursday, January 10, 2008

Guesstimates on January 10, 8:40 am ET

Spiders - March S&P E-mini Futures: I am long from 1391 and have brought my stop up to 1383 and am working it as I write this. The positive divergences I see in the advancing issues numbers are telling me that a big advance is underway.

QQQQ: I think the odds are good that the Q’s are headed up to 51.00 and eventually much higher than that.

TLT - March Bonds: I am looking for a move above the 120 level. Support stands at 116-16. TLT is headed for 98.50.

March 10 Year Notes: Headed for 116-16. Support is at 113-20.

Euro-US Dollar: I think that the market is headed for 151 or so.

Dollar-Yen: I now longer think that 108.20 support will hold but I do think the market will stage a very big rally from the 106.00 level.

XLE - OIH - USO – February Crude: Crude should hit 101.50 before an extended drop starts. I think the market will drop to 75 and lower during the coming months. USO should drop to 56, OIH to 140 and XLE to 60.

GLD - February Gold: The futures hit 894 and the short term trend is still upward. Support is at 850. I think the market has a good shot at the 910 level.

SLV - March Silver: Support stands at 1500. I think that the 1644 high in March silver will hold.

Google: GOOG reached 630 support late yesterday. I think a move to new bull market highs will begin soon.

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