Monday, October 24, 2005

Guesstimates on October 24, 8:45 am ET

December S&P Futures: The 1195 level is now resistance .  A move as high as 1206 would make it likely that the 1172 low last week ended the drop from 1250. Until then I think there is a good chance that the market will yet make it down to 1159 before the big rally I am expecting begins.

December Bonds: The bonds moved above 113-08 Friday and I think this is the start of a move into the 121-123 range.  Minor support is at 113-08 and resistance is at  114-16.

December 10 Year Notes: The notes moved above 109-11 Friday and I think a move to 116 has started. Minor support is at 109-00 and next upside resistance is at 109-30.

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: I still think prices are now headed to 57.90 with resistance at 61.50. The market should be trading below 56.00 soon.

December Gold: The market’s should hold support at 463 and then rally to 492.

Google: Short term target is 352 and support is at 325. I still think Google will trade well over 360 before its bull market is done.

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