Spiders - March S&P E-mini Futures: The market broke below its 885-920 trading range on fairly high volume yesterday and this makes a move down to 835 or so the next likely development. If this prognosis is correct we shall not see the e-minis trade above 900 today. In any case I think the 1000 level will be reached next month.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market has broken well past 135 resistance and will now probably make it to 145 before any substantial break begins.
March 10 Year Notes: The 128 resistance will probably be broken and the notes should reach 130 before the market turns lower.
Euro-US Dollar: The euro has dropped below 140 this morning but should find suppor near 138.00. I think we shall see a move up to 152.00 or so before the bear market resumes.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is imminent.
XLE - OIH - USO – February Crude: The 40.00 level should be support in the February contract. I still think a rally into the 55-60 zone will be the next development.
GLD - February Gold: The 885 level should prove to be resistance and the market should soon resume its move down into the 550-600 range.
SLV - March Silver: I still think this is a bear market. Next resistance above the market is at 1165. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.