Wednesday, October 12, 2005

Guesstimates on October 12, 8:50 am ET

December S&P Futures: The market is on its way to the bottom of the box at 1180 with 1178 as my best estimate for the low.  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 low should be in the 117.50 to 118.50 range. After that a rally to 124 is likely.

November Crude: Prices should reach 64.40 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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