Friday, August 12, 2005

Guesstimates on August 12, 8:30 am ET

S&P: The 1227 level is support and the next step up will carry the market to 1268.

Bonds: Resistance is now 115-04. So far we've seen a rally of one box so it is too soon to conlude that a new uptrend has started.

10 Year Notes: Resistance is at 110-30. So far the market has rallied a little more than one box so it is still too soon to conclude that a new uptrend has started.

Eurocurrency: The market is now headed for resistance at 123.60.

September Crude: Headed for the top of the next box at 66.30. I still think the next big move will be downward.

Gold: Will stall at the top of the box at 456 but I don't think the market will react more than 1/2 a box.

Google: 280 is support; the next move up will reach 343.

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