Friday, February 24, 2012

Guesstimates on February 24, 2012

March S&P E-mini Futures: Today's day session range estimate is 1360-1373. A rally from the November 25 low at 1147.50 which matches the size of the October rally would bring the ES to 1370. The May 2011 top was at 1373. After that top is exceeded a drop of 50-70 points again becomes likely. But even so I expect the market to move well above the1400 level over the next few months.

QQQ: Resistance stands in the 63-65 zone and a break to 59.50 will probably be the next development.

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: A drop to 475 or so is likely. After that AAPL should head for the next resistance at 545.

1 comment:

Nav said...

AAPL has contributed more points
to the S&P 500’s rally YTD than
any other industry.Sales growth at 45%,
EPS growth at 56%,
ROE at 42%, and P/E at
12.0x are all extremely
attractive for AAPL