Swing Trading Strategies & Stock Picks Since 2003

March S&P  E-mini Futures:  The buying support evident yesterday evaporated in early morning trading today and the e-minis have so far dropped as low as 853. I now think that the 850 level will be broken decisively with the next rally developing from the 835 level. If we see sellers get active below 850 – and I think we shall – the market will be headed at least for 815 and probably for 750. Meantime resistance above the market today stands at 863.

QQQ: The Q’s reached support at 29.50 yesterday but now I think that level will now hold and that the market will drop to 26.50.

March Bonds: The short term trend has turned downward and should carry the bonds to 130.   

March 10 Year Notes: The short term trend has turned downward and should carry the notes to 120. .   

Euro-US Dollar: The euro broke below support and will probably drop to 132 before a substantial rally can start.

Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.  

February Crude: Crude should reach the 30-35 target zone before rallying to the 50.00 level.

GLD - February Gold: The 885 level is still resistance and the market should resume its move down into the 550-600 range.  

SLV - March Silver: I still think this is a bear market.  Resistance above the market is at 1165. Next downside target is 650.

Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.