Monday, January 26, 2009

Guesstimates on January 26, 2009

March S&P  E-mini Futures:  I am expecting the e-minis to open near 825 and to continue upward from there. The 810-15 zone should be support today in any event.

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: This market will probably continue lower to 126-27.  

March 10 Year Notes: The short term trend 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: The 50.00 level is resistance and I think March crude will also drop down into the 30-35 zone.

GLD - February Gold: The 885 level was broken Friday and the market will probably reach 935 before it turns lower. I still think that we shall see the market 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 now at 1250. 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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