Tuesday, February 22, 2011

Guesstimates on February 22, 2011

March S&P E-mini Futures: Today's range estimate is 1318-1330. The drop from Friday's 1343 high will probably end near 1315. By the end of April this market will have traded at 1380.

QQQ: The 58.50 target has been reached. Support is at 56.75. Next upside target is 60.00.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will move up to 145.00.

Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

April Crude: Political uncertainties have drive crude well above the 91.50 midpoint. While I remain low term bearish I also think crude will rally to 102.00 over the next couple of weeks. GLD – April Gold: A move to new highs is underway. 1495 is the next upside target. Support is at 1315.

SLV - March Silver: The upside target at 31.00 has been reached but there is still no sign of a top. Next upside target is 36.00. Support is at 25.50.

Google: The 540 level is support. A move that should take GOOG above 700 is underway.

Apple: Has reached the 350 target. Next upside target is 375. Support is at 310.

1 comment:

Bill said...

Carl, your target for the drop seems reasonable. Though full out civil war in Lybia or the toppling of Gaddaffi (with anarchy following up) could cause the market to drop a further 30 points. If the crisis spreads to other countries we are looking at a more serious correction. But that's all hypothetical, nobody knows where the Middle East will end up.