Wednesday, August 17, 2005

Guesstimates on August 17, 9:05 am ET

S&P: The market broke below the bottom of the box at 1224 but would have to spend a couple of days trading below that level before I would look for a move to 1202, the 1/2 point of the current box. My best guess is that the S&P's will instead rally from here back above 1224 and begin a move to 1268.

Bonds: I think the bonds will drop a box or so from yesterday's high at 116-16 before the rally resumes.

10 Year Notes: I think the notes will drop a box or so from yesterday's high before the rally resumes.

Eurocurrency: Will hold support at 122.70. The next step up will carry to 125.60.

September Crude: I think the market will hold Friday's high at 67.10 and head down to 64.40.

Gold: Support is at 444 and the next step up will carry to 463.

Google: 280 is support; the next move up will reach 343.

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