Tuesday, December 06, 2005

Guesstimates on December 6 , 8:55 am ET

December S&P Futures: Next short term target is 1290. Yesterday I thought that the market would first drop to 1250 again because it broke below 1262. But this morning’s strength is telling me I was wrong about 1250.

March Bonds: The 111-08 level is strong support and I think the bonds are about to rally 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 hold 107-30 and then rally to 109-28. I expect this market to move into the 111-112 zone before the bear market resumes.

December Eurocurrency: Resistance is 118.20 and I think the market is headed for 115.50 before it can rally substantially.

January Crude: Resistance today is 60.50 and from there the market should drop to 54.50. I expect crude to trade in a range of $54 to $64 for several months before going much lower.

February Gold: The 510-513 zone is strong resistance and I expect a break from that level down to 490.

Google: I expect a drop to 390 or so followed by a rally to 440.

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