Tuesday, November 08, 2005

Guesstimates on November 8, 9:10 am ET

December S&P Futures: The S&P futures are headed for the next upside target near 1246 but a drop into the 1212-1213 zone is likely first.

December Bonds: The bonds will extend their rally to 111-24 before turning lower.

December 10 Year Notes: The notes will stay below 108-06 and then take another step down to 107-00.

December Eurocurrency: The market has reached the 17.50 to 118.50 target area and I think the next big move will be upward.

December Crude: Resistance is at 61.50. The market is headed for the next downside target at 57.90. The market should be trading below 56.00 soon.

December Gold: I don’t think the market will hit 455 and if I am right the next step up will be to 500.  If 455 is hit then continuation downward to 446 or so will become likely.  

Google: Resistance is at 406 while support is at  379.

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