March S&P E-mini Futures: Today's range estimate for the March contract is 1110-1120. The market has started to creep out of its 1080-1115 trading range, but the low volume makes it hard to evaluate the significance of this breakout for the market's near term trend. Nonetheless, this action reinforces my view that the e-minis will reach 1170 or so during the next couple of months.
QQQ: Upside target is 47.50.
TYX (thirty year bond yield): I think this market has begun a move to 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: A drop to 140 is underway. My best guess is that 140 will be only temporary support and that the market will drop to 125 over the next couple of months.
Dollar-Yen: The yen has moved above the 91.00 level and this means that a rally to 100.00 is underway.
January Crude: I think that crude is headed down to 50.00. Resistance is still at 75.00.
GLD – February Gold: Gold has broken 1100 support. This means the longer term trend has turned downward. I expect gold to drop to 875 over the next few months.
SLV - March Silver: I now think silver has started a down move that will carry it to 10.00 over the next few months.
Google: Support is now at 565. This step upward will carry to 610.