Tuesday, December 27, 2005

Guesstimates on December 27 , 8:50 am ET

March S&P Futures:  1264 is support and I think the market is now on its way to 1298.

March Bonds: The bonds have nearly reached resistance at 114-16 and support now is at 113-16.  I expect a rally into the 115-116 zone before the bear market resumes.

March 10 Year Notes: The notes should rally to 109-28 and meantime support is at 109-08. I expect this market to move into the 111-112 zone before the bear market resumes.

March Eurocurrency: Short term support is at the 118.20 level and the next upside target is 122.30.  The market is eventually headed for 123.50.  

February Crude: I now think the market is headed for 56.90.  I expect crude to trade in a range of $54 to $64 for several months before going much lower.

February Gold: I now looks like the market made a rally top at 511 but most rallies have two distinct upward phases. So I think we will see a drop to 500 or so and then a second upward phase to 520. I think that the 544.90 high will hold for at least several weeks.

March Silver: Silver  has reached 880 resistance and a drop back to 850 now would be normal. A second upward phase will probably carry the market from 850 to 900. The high at 934.5 (electronic) will hold for at least several weeks.

Google: GOOG will trade between 415 and 435 for a few days. The next upside target is 490.  

1 comment:

Anonymous said...


i hope you had a good holiday weekend.
Anyway, just wondering do you think we will have the same january effect as last year. a big sell off in january?