Monday, October 03, 2005

Guesstimates on October 3, 8:55 am ET

December S&P Futures: The next short term upside target is 1268 and support today is again at 1224.

December Bonds: I still  a big move upward into the 121-123 range started from the August 8 low at 113-09. But the bonds will probably drop to 113-28 before starting the next leg up.

December 10 Year Notes: I think move up to 116 started From the August 8 low at 109-02. The notes will probably drop to 109-22 before the next up leg starts.

December Eurocurrency: Support at 120.70 failed  this morning and from this I conclude that the 126.50 top of September 2 will hold. I still expect the market to trade up several hundred ticks from here before the 119.00 level is broken decisively.

November Crude: I think prices will move downward from here. The next short term downside target is 60.60. We should see the 55.50 level in a few weeks.

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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