Spiders - March S&P E-mini Futures: The market staged an 80 point rally yesterday afternoon and this looks like a decisive rejection of the 1250 level which now should hold for quite some time. Resistance above the market today is at 1375 and support is at 1315. I think the market will take only 3 or 4 months to move back above the 1600 level.
QQQ: The initial stage of this rally should encounter resistance near the 45.00 level. Support is still at 41.50.
TLT - March Bonds: The market will probably bounce of its 2003 top of 123-03. Support is at 118-12. TLT has nearly reached its 98.50 target.
March 10 Year Notes: The notes continue strong after the Fed rate cut but the 120 level is resistance. Weakness below 115-08 will mean that the trend has turned downward.
Euro-US Dollar: I still think that the market is headed for 151 or so.
Dollar-Yen: I think the market is establishing an important low but another drop down into the 104-105 zone is likely before a sustained rally can begin.
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 515 level is support.