Friday, February 10, 2012

Guesstimates on February 10, 2012

March S&P E-mini Futures: Today's day session range estimate is 1330-1340. The drop from yesterday's 1352.75 top should carry the market down at least to 1320 and may well go further than that. But it still is only a reaction in a bull market. 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: Looks like the market is bouncing off of resistance at 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.

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 – April Gold: A move to 2100 is underway.

SLV - March Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: I expect AAPL to stall in the 475-490 range and then to drop to support which stands near 435. After that a move to 550 should begin.

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