Tuesday, October 11, 2005

Guesstimates on October 11, 8:50 am ET

December S&P Futures: The market did the opposite of what I expected yesterday and now appears on its way to the bottom of the box at 1180.  From there a sustained rally to new bull market highs will start.

December Bonds: I think a move into the 121-123 range began from Friday’s low at 103-07. Next short term resistance is at 115-04.

December 10 Year Notes: I think move up to 116 started From the August 8 low at 109-02. Next short term resistance is at 110-04.

December Eurocurrency: The 121.80 level is resistance and the next step down should carry into the 117.50 to 118.20 range. After the next low a rally to 124 is likely.

November Crude: Prices should reach 63.30 resistance today and then resume its drop to 55.50.

December Gold: Headed for short term resistance at 488. Support is at 466.

Google: 300 is support; upside target is 343.  

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