Friday, January 30, 2009

Guesstimates on January 30, 2009

March S&P  E-mini Futures:  Downside target for the e-minis is still 820-25. The market has dropped as low as 833 this morning but then rallied to 846.50 after the GDP news. A move above 850 will tell me that the drop from 876 is over and that the market is headed for 900 and then for 1000.

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 bonds have dropped into the 126-27 target zone. The next big move in this market should be upward. Any significant weakness below 125 will mean that a bear market is underway.   

March 10 Year Notes: The notes have yet to reach our 120 target. We think a substantial rally is imminent, but weakness below 120 would mean that a bear market is underway.   

Euro-US Dollar: The euro has traded sideways for several days after dropping as low as 127.50.  I think a rally to 137 or so is underway. 

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 drop down into the 30-35 zone.

GLD - February Gold: The market will probably reach 935 before it turns lower. Meantime support is at 865. I still think that we shall see the market resume its move down into the 550-600 range. 

SLV - March Silver: Silver has rallied to resistance at 1250. I think the next big move will carry this market downward to 650.

Google: Resistance stands at 375. Google reached the 250-60 target zone and I think that its drop from 747 is over. 

1 comment:

Anonymous said...

how can you say that after 850 comes eventualy 1000.that's not technical analysis.that's wishful thinking.