Thursday, December 01, 2005

Guesstimates on December 1 , 9:50 am ET

December S&P Futures: It looks to me like the S&P futures established their reaction low late yesterday at 1251 without making it down to 1246-7 support first. I think the market is now on its way to 1285.

March Bonds: Switching to the March contract. There is strong support at 112-04 and the next swing up should carry to 113-28. I expect this market to rally into the 115-116 zone before the bear market resumes.

March 10 Year Notes: Switching to the March contract. I expect support at 108-18 to hold and the next swing up to carry to 109-28. I expect this market to move into the 111-112 zone before the bear market resumes.

December Eurocurrency: I now think the market is headed for 115.50 before it can rally substantially.

January Crude: The market is approaching support at 54.20. I think a rally of five or six dollars will be the next big move.

February Gold: Support stands at 490. The market is on its way to 507.

Google: I expect support near 400 to hold and the next swing up should carry to 442.

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