Wednesday, December 28, 2005

Guesstimates on December 28 , 8:40 am ET

March S&P Futures:  1264 is support and I think the market will rally from there to 1298.

March Bonds: The bonds re headed for the next upside target at 115-12. Support stands at 113-28. I expect a rally into the 115-116 zone before the bear market resumes.

March 10 Year Notes: The notes have reached 109-28 and support is at 109-08. I expect a move to 110-12 as the next development. The notes will move into the 111-112 zone before the bear market resumes.

March Eurocurrency: I now think a rally to 122.30 has begun. The market is eventually headed for 123.50.  

February Crude: I think the market is headed for 56.90.  I expect crude to trade in a range of $54 to $64 for several months before going much lower.

February Gold: Yesterday I thought the market would react toward the 500 level but it did not so I looks like 520 is the next stop. I think that the 544.90 high will hold for at least several weeks.

March Silver: Silver  didn’t bounce much from 880 so is now probably headed for 900. The high at 934.5 (electronic) will hold for at least several weeks.

Google: GOOG will trade between 415 and 435 for a few days. The next upside target is 490.  

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