Friday, June 02, 2006

Guesstimates on June 2, 8:50 am ET

June S&P Futures: The S&P’s have nearly reached 1295 resistance.  I think the next significant move from here will be downward to 1235 or so.

September Bonds: Bond are on the way to 108-20. Over the next few weeks the market should reach the 110-111 zone.

September 10 Year Notes: The notes are on the way to 106-08. Over the next few weeks I expect the market to rally into the 107-108 zone.  

Euro-US Dollar: The market is still stuck in a trading range. Resistance today is 129.20 and I think the next significant move from here will be downward.

Dollar-Yen: The yen should find support around the 111.70 level and then start upward to 114.40. The market is in the early stage of  a move to 130.  

July Crude: Today resistance is at 71.80. The market is headed down to 66.50 before another rally starts.

August Gold: Resistance today is at 650. The market should soon head downward to temporary support at 610. Downside target over the next few weeks remains the 2 and 1/8 multiple of the 252 low which stands around the 535 level.

July Silver: Silver bounced off of temporary support near 1160. 1225 is resistance today and the market should now drop to 1100.  The 935 level should be reached in a couple of months.

Google: I think Google will hold the low at 360 and rally to 410.

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