Monday, August 29, 2005

Guesstimates on August 29, 8:45 am ET

S&P Futures: The hurricane news sent the market to 1194, below the 1/2 point of the current box at 1202. I think this is an overreaction to the news and that the S&P will finish the day above 1202. A rally to 1268 will start soon.

Bonds: I think the bonds will again close below 116-30 resistance today and then drop to 115-28. From there the market will rally into the 121-123 zone.

10 Year Notes: Resistance today is still 111-31 and the notes will then drop to 110-30 before the rally resumes.

Eurocurrency: The market has held support at 121.70 and is now on its way to 125.60.

October Crude: The hurricane news sent crude to 70.80 overnight, right at the top of its long term box as well as at the top of another short term box. The market is going down big from here.

Gold: Support is at 442 and the next step up will carry to 463.

Google: 272 is support; the next move up will reach 343.

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