Wednesday, January 21, 2009

Guesstimates on January 21, 2009

March S&P  E-mini Futures:  Downside target remains the 760-70 zone.  I am looking for today’s low in the 785-90 range.  Any high volume strength above 825 will mean that the market is headed above 900 again. I still think that the market will reach the 1000 level over the next two months.

QQQ: Support below the market is at 26.50. Strength above 30.00 will mean that the Q’s are headed for 34.00.  

March Bonds: The short term trend should carry the bonds to 130.   

March 10 Year Notes: The short term trend has turned downward and should carry the notes to 120. .   

Euro-US Dollar: The euro will probably continue down to 127.

Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.  

March Crude: I think March crude will also drop down into the 30-35 zone as compared with its current price of  40.40. After than a rally to the 50.00 level should develop.

GLD - February Gold: The 885 level is still resistance and the market should resume its move down into the 550-600 range.  

SLV - March Silver: I still think this is a bear market.  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.


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