Friday, October 28, 2005

Guesstimates on October 28, 8:50 am ET

December S&P Futures: The market reached the bottom of the box at 1180 overnight and now I am looking for a move up to 1223 and eventually to 1350.

December Bonds: A close on Monday below 113-11 will mean that the longer term trend in the bonds has turned downward and that my long standing 121-123 target will not be reached for a couple of years. Resistance above the market now is at 112-16.

December 10 Year Notes: A close below 109-02 Monday will mean that the longer term trend has turned downward.  Meantime resistance above the market is at 108-24.

December Eurocurrency: The market is stalling at 121.80 resistance. The most likely event now is a drop to my 117.50 to 118.50 target area.

December Crude: The 63.30 level is still resistance but it now looks like the market is headed for the next downside target at 57.90. The market should be trading below 56.00 soon.

December Gold: The market’s has held support at 463 and is now probably headed for 500.  

Google: Has reached the short term  target at 352 and support is now at 334.  Next short term upside target is 369.

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