Spiders - March S&P E-mini Futures: The futures are headed up into the 1400-1420 zone before another substantial reaction develops. Even so, I think that sometime in the next couple of weeks we shall see a drop back to the 1300 level or a little lower before a multi-month upmove begins. I think the market will take only 3 or 4 months to move above the 1600 level.
QQQ: I think the Q’s are headed for 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 – March Crude: Resistance stands at 95.00. 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 think gold futures are now headed for 1000. Support is at the 885 level.
SLV - March Silver: It looks like silver is bout to move past resistance in the 1660-80 zone and the next upside target is 1830. Support stands at 1500.
Google: I think a move to new bull market highs will begin soon. The 515 level is support.