Spiders - March S&P E-mini Futures: I don’t think the drop from Friday’s high in the e-minis at 1370.75 is quite over yet. Resistance today above the market is is1342 and I think the futures will take a peek below 1300 before another rally sets in. The next rally should carry the market to or above the 1400 level. I think the market will take only 3 or 4 months to move above the 1600 level.
QQQ: I think the Q’s will drop to 42.50 or so before resuming their rally. The next step upward should carry at least to 47.50.
TLT - March Bonds: The market will probably bounce off its 2003 top of 123-03. Support is still at 118-12. TLT has nearly reached its 98.50 target.
March 10 Year Notes: The notes should encounter strong resistance at 120. 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: I still think strong resistance is centered at 915 so another move down towards the last low at 850 is likely. The short term trend is still upward but any weakness below 850 will mean that an extended decline has begun.
SLV - March Silver: Support stands at 1500. The market is stalling 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.