Testing significance of results- please help!

[naetpenn]

Hello,

I am writing my senior econometrics thesis, and have a problem.

I want to test whether 7 values that I forecasted for credit spreads of a bank is SIGNIFICANTLY different from the actual credit spreads that were observed. Is there a way I can test for this significance? I was wondering if a t-test would suffice.

To reiterate:
12/1 forecast 1
12/2 forecast 2
....
12/7 forecast 7

OBSERVED Values:
12/1 observation 1
12/2 observation 2
....
12/7 observation 7

How can I test whether the difference (residuals) between the forecasted and observed are significant?

Thanks so much in advance.