Spiders - March S&P E-mini Futures: The Fed cut rates 75 basis points this morning and the e-minis rallied up to 1305 before falling back all the way to 1260. I will try to be a buyer somewhere below 1250 but I have no orders in as yet. The most likely sequence of events from here is that the market first rallies about 120 points or so from whatever low it makes today or tomorrow. Then a drop all the way back close to or even below that low. Finally a big rally which I expect to last several months and carry the market above the 1600 level.
QQQQ: Support is at 43.30 and a rally to 48.00 or so is imminent.
TLT - March Bonds: The market has encountered very strong resistance in the 121-122 zone. Support still stands at 117-16. TLT is headed for 98.50.
March 10 Year Notes: The notes reached 118-16 this morning but I think that will be it for this rally. Support is at 116-08 and weakness below there will mean that the trend has turned downward.
Euro-US Dollar: I think that the market is headed for 151 or so.
Dollar-Yen: I think the market will stage a very big rally from the 105.00-106.00 zone.
XLE - OIH - USO – February Crude: I think that crude is headed for 75.00 and eventually much lower than that. During that time USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: The short term trend is still upward but any weakness below 850 will mean that an extended decline has begun. Resistance remains in the 910-20 zone.
SLV - March Silver: Support stands at 1500. The market has stalled in the 1660-80 zone and soon should start a big break.
Google: I think a move to new bull market highs will begin soon. The 550 level is support.