Bull - early
Emini S&P - March ( ESH8)

The S&P looks to be making an aggressive come back. After halting at the 1420 price it immediately turned around with a long up day. If the the market penetrates the 9day MA - 1445.44, we could be headed for a long haul up. Since this an early bull, do not hesitate to exit at the first sign of weakness.

Buy protective put at 1420, market base

Bears -All of these are EARLY!

Crude Oil - January (CLF8)

ALMOST $100! This is such a strong psychological number that I suspect that Oil will reach it, someday soon. As for right now the bulls are taking their profits and now may be a time to get in on the pull back. With the 9day MA at  95.78 and the 20 day MA 94.62, we have already seen crude break down past two key trading stop loss points. What's next, according to our estimates if crude continues to weaken we could see prices reach as low as  87.63

Buy protective call at either 9 or 20 day

Target 1- 87.63
Target 2- 84
Target 3- 78

Euro - March (ECH8)

The Euro recently reached the $1.50 level, a level that the British Pound was just at a few short years ago. The weakness of the dollar is hurting the EU. They face a tremendous up hill battle in attempting to weaken the Euro sufficiently in order to improve their own exports. That doesn't mean it won't stop them from trying. So far they have lacked a need to raise interest rates in lock step with the Feds. Any drop in the Euro could be dramatic.

Suggest shorting the market with a target of  1.4423, but keeping an aggressive protective call at 1.49/1.50

Gold - February (GCG8)

Gold has been quite unpredictable lately. It has reached heights that it hasn't been in over 25 years. Yet something is different. While oil and terrorism are playing a role once again, this time seems quite different. There is an air of permanancy to these market changes. The likelihood of Gold dropping back down into the $300's may be long gone. That doesn't mean there won't be pull backs along the way. A classic double top is forming and we have an opportunity to see gold stay below $800 for the rest of the year. There is a short term profit target of  783.8

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