Tuesday, October 18, 2005

Guesstimates on October 18, 8:50 am ET

December S&P Futures: My best estimate now is that the market will rally to 1199 and then drop to 1159. A move to 1206 would mean that 1172 was the low of the drop from 1250.

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 292. The bull market in GOOG is far from over and a move above 320 will be the next big development.  

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