Monday, December 12, 2005

Guesstimates on December 12 , 8:55 am ET

March S&P Futures:  The market is now headed for 1298 with support at 1259.

March Bonds: I think the bonds are on the way to 113-28. I expect the bonds to rally into the 115-116 zone before the bear market resumes.

March 10 Year Notes: The notes should rally to 109-28. I expect this market to move into the 111-112 zone before the bear market resumes.

December Eurocurrency: The strong upward move this morning out of a four week trading range means that my 115.50 target will not be reached. Instead the market is in the midst of a move to 123.50. The 121.00 level is short term resistance.

January Crude: The market is headed for 57.50. I expect crude to trade in a range of $54 to $64 for several months before going much lower.

February Gold: Gold has exceeded all my short term upside projections this morning when it reached 544.50. I do think the next  $40 move from current levels to be downward and 545 is a short term resistance level.

Google: I think GOOG is now headed for 440.

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