Spiders - March S&P E-mini Futures: The e-minis have dropped back to 1337, just a shade below their last low at 1339.75. I don’t have orders in yet but I do expect to be a buyer in the 1330-35 range today. I shall let you know when I take action. I still think that a move to 1430 is underway and that the January 22 low at 1256 will hold.
QQQ: The Q’s are headed for 47.50.
TLT - March Bonds: The bonds are headed down to 112 or so. Today resistance is at 119-12. I think TLT will drop to 88.
March 10 Year Notes: The notes are still holding support but a break below 115-20 will mean that a drop to 112 is underway.
Euro-US Dollar: I still think that the market is headed for 151 or so.
Dollar-Yen: The market has broken out of its 3 week trading range to the upside and is headed for the 110 level. I now think it has established an important low and is headed much higher.
XLE - OIH - USO – March Crude: The market has rallied to a shade above 95.00 resistance. A close above 96.50 will mean that the market is headed for 101 but lacking that close I shall stick with my view that a move below the 85 level will be the next development. USO should drop to 56, OIH to 140 and XLE to 60 over the coming months.
GLD - April Gold: I think gold futures are now headed for 1000. Support is at the 885 level in the April contract. Any weakness below 880 will mean that a drop to at least 750 has begun.
SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support still stands at 1500.
Google: Google has moved decisively above 525 and is in the early stages of a move which will carry it to 750 and higher.