Thursday, February 24, 2011

Guesstimates on February 24, 2011

March S&P E-mini Futures: Today's range estimate is 1286-1306. Should the ES close tomorrow (Friday) below 1322.25 I will conclude that a drop of 90-125 points began from the 1343 top. The drop from Friday's 1343 high will probably end near 1306. in either event once this reaction is complete I expect to see new highs for the bull market.

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 driven 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.

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