Spiders - March S&P E-mini Futures: Yesterday the S&P futures and the Spiders took out the late November low. I think the Spiders will drop into the 136-139 range before the market can start a rally to new bull market highs. Resistance in the March futures still stands near the 1450 level. After the market rallies for a day I shall be looking for a chance to go short.
QQQQ: The Q’s broke their November lows Friday and are headed for the 46.00 level.
TLT - March Bonds: I have changed my mind about the short run direction of this market and am now looking for a move above the 120 level. Support stands at 116-16. TLT is headed for 98.50.
March 10 Year Notes: Headed for 116-16. Support is at 113-20.
Euro-US Dollar: I have changed my mind about the short term direction of the euro and now think that the market is headed for 151 or so.
Dollar-Yen: I now longer think that 108.20 support will hold but I do think the market will stage a very big rally from the 106.00 level.
XLE - OIH - USO – February Crude: Crude should soon hit 101.50 before an extended drop starts. I think the market will drop to 75 and lower during the coming months. USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: The futures hit 879 this morning and I think this will produce a temporary stall. Support is at 850 but the short term trend is still upward. I think the market has a good shot at the 910 level.
SLV - March Silver: Silver is getting close to the 1570 resistance level and I think a stall there is likely. Support stands at 1500. I think that the 1644 high in March silver will hold.
Google: GOOG is headed for 630. Once that level is reached a move to new bull market highs should begin.