Tuesday, March 07, 2006

Guesstimates on March 7 , 8:50 am ET

March S&P Futures:  I now think the market will close today above the 1275 support level and then start a move to 1320.

June Bonds: The bonds nearly reached 109-26 early this morning, breaking below minor support at 110-12.  Resistance above the market today is at 110-20. I think the market is on its way into the 107-108 zone.

June 10 Year Notes:  The notes dropped below 106-16 this morning, reaching the 106-12 level. Resistance today will be at 106-30. I think notes will reach 104 or so in a few months.

Cash Eurocurrency: The next downside target is 116.70. A drop to 113 and below is underway.    

April Crude: Resistance is near 63.50 and the next swing should drop the market to 57.20. Crude is headed for 52.00 and eventually lower than that.

April Gold: I think a lower top was made at 572 and that the market is now headed for 512.

May Silver: As long as support near 986 holds there is a good chance the market will reach 1096 before beginning a big break.

Google: GOOG should hold 363 today and then rally to 405 and then to 495 in a couple of months.

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