Friday, March 14, 2008

Guesstimates on March 14, 8:30 am ET

Spiders - June S&P E-mini Futures: The market seems to zoom or swoon on every piece of news. Yesterday’s rally and higher close after a weak open is an encouraging sign since it is the second time in a week that strong buying emerged at the 1285 level. Support is at 1300 and I think a rally of 200 points or so from the lows is imminent.

QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.

TLT - June Bonds: Resistance is still at 120-00 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.

June 10 Year Notes: Resistance is at 119-08. I think the notes will soon begin a move to 112.

Euro-US Dollar: The market has reached the 156 target level. A big break should develop from there. Meantime support is at 149.50.

Dollar-Yen: The yen has nearly reached the 99.50 target level and a big rally should develop soon.

XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.

GLD - April Gold: Gold futures have reached the 1000 level and I think a big break from here is likely to begin soon. Meantime support is at 930.

SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.

Google: Google has support at 420 and I think the next big move will be upward.

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