Spiders - March S&P E-mini Futures: I am long from 1486 and still using a 1461 stop. I think the next significant move from here will be upward to the next short term target which I have lowered to 1532. I think we shall see the futures trade above the 1600 level during the first quarter of 2008.
QQQQ: The Q’s are headed for 54.20 and eventually to the 60 level.
TLT - March Bonds: Resistance above the market is at 116-28. 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. Resistance above the market is at 148.20.
Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. I now think the yen will drop to 110.40 before finding support.
XLE - OIH - USO – February Crude: The market is headed for 79.50. Crude has traded over 96.50 several times during the past few days but I don’t think we shall see a close above the 97.70 level. USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: I still think gold futures still have a shot at the 873 level.
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. The current rally should halt at a lower top near the 1570 level.
Google: GOOG is headed for 760.Support is at 675.