March S&P E-mini Futures: Today's day session range estimate is 12990-1314. A drop of 40-50 points is underway. The longer term trend is upward. A rally from the November 25 low at 1147.50 which matches the size of the October rally would bring the ES to 1370.
QQQ: Headed for 63.
TNX (ten year note yield): The 10 year yield has started a move to 2.50%.
Euro-US Dollar: The rally from 1.2623 should continue to 1.3540 before the market turns down once more. Meantime support is at 1.2940. The Fed announcement has made the market reassess its estimate of likely interest rate differentials between the EU and the US . It now expects EU rates to be relatively higher than it previously thought.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.
March Crude: An extended upswing is underway. It will probably take crude to 114 or so.
GLD – February Gold: I think gold will probably drop to 1510 or so and then begin a move to 2100.
SLV - March Silver: I think silver is headed for 50.00. Support is at 26.00.
Google: Google is now headed for its 2007 top near 750.
Apple: Upside target is now 475.