Friday, June 17, 2005

Guesstimates on June 17, 9:15 am ET

S&P: headed for 1224. Support at 1197.

Bonds: market is now headed back to 119-00 with initial resistance at 116-30 and support at 116-14.

10 Year Notes: market should now rally back to 114-00 with intial resistance at 112-30.

Eurocurrency: 120.85 is support. I expect a rally of at least 500 points to start here or at worst from 119.90.

July Crude: moved well past 56.00 resistance. March 5 high was 58.24 and August contract has reached that level. A close above 58.30 basis August will mean that the market is headed for 61.00 but until today's close it makes more sense to be short.

Gold: now headed for 441.

Google: 264 is now support and market should next rally into the 308-312 range. Initial rallywill probably halt at 289.

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