Monday, October 17, 2005

Guesstimates on October 17, 8:55 am ET

December S&P Futures: The rally will meet resistance at the ½ point of the box near 1202. I think the odds are then better than even that the market makes it down to 1167 or so before the big rally I am expecting begins.

December Bonds: The 112-00 to 112-08 zone is support. The move down from the late August top is now as long as the initial drop from the early June top.  I still think a strong rally into the 121-123 range will start soon.

December 10 Year Notes: The108-14 level is support. I think a big rally lies just ahead.  

December Eurocurrency: The 121.80 level is still resistance and the next low should be in the 117.50 to 118.50 range. After that a rally to 124 is likely.

December Crude: Prices are headed to the 64.40 resistance level.  After that the market will drop well below 60.00. level is still resistance in the meantime.

December Gold: Support is 468-470 and the next step up should carry to 492.

Google: Support is now at 282. The bull market in GOOG is far from over and a move above 320 will be the next big development.  

No comments: