Thursday, July 21, 2005

Guesstimates on July 21, 8:50 am ET

S&P: The market reached the 1/2 point of its box at 1246 this morning on the yuan devaluation news and should hold support at the 1/4 point of that box around 1235. Next move will be to the 3/4 point near 1257.

Bonds: The market is again being tested by the news of the yuan devaluation but I think support at 115-25, the 1/2 point of theshort term 29 tick box will hold and a move up to 117-02 will develop soon.

10 Year Notes: Agin being tested by the yuan news but yesterday's low at 111-09 shoudl hold and I expect to seethe market at 112-12 soon.

Eurocurrency: I think the market has started a really into the 125-126 range.

September Crude: The next downside target is the 1/2 point of the next box at 54.70.

Gold: The market has broken decisively above 423 and has now started a move to 450.

Google: headed up to 327.

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