Spiders - March S&P E-mini Futures: The e-minis moved briefly above 878 last night but fell back this morning. Even so I think the market is preparing for an upside breakout today. If I am right about this the 866 level will hold and we’ll see increasing volume as the market moves above 880. The next upside target at 945. I still think that that the 1000 level will be reached next month.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market will 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: 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 underway.
XLE - OIH - USO – February Crude: Resistance above the market stands at 47.50. Crude will probably reach the 32-34 zone before a rally of $20 or more can begin.
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.