Monday, November 07, 2005

Guesstimates on November 7, 8:50 am ET

December S&P Futures: It now looks like the S&P futures are headed for the next upside target near 1246. The 1212-1213 zone is still support.

December Bonds: The bonds are not likely to rally past 111-10 before dropping to 110-00.

December 10 Year Notes: The notes will stay below 108-06 and then take another step down to 107-00.

December Eurocurrency: The market has reached the 17.50 to 118.50 target area and I think the next big move will be upward.

December Crude: Resistance is at 61.50. The market is headed for the next downside target at 57.90. The market should be trading below 56.00 soon.

December Gold: I don’t think the market will hit 455 and if I am right the next step up will be to 500.  If 455 is hit then continuation downward to 446 or so will become likely.  

Google: Resistance is at 389 while support is at  361.

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