Wednesday, January 11, 2006

Guesstimates on January 11 , 8:50 am ET

March S&P Futures:  The market is stalling at short term resistance at 1298 but should hold support around 1285. From there it will rally to the next upside target at 1310 where it is likely to stall for a few days and react 20 points or so. The market should reach the 1350 level in a couple of months.  

March Bonds: The bonds are on the way to 115-28 and support stands at 113-12. After this rally into the 115-116 zone the bear market will resume.

March 10 Year Notes: The notes are on the way to 110-24 with support in the meantime at 109-04. Right now I think that 110-16 will probably end the rally from the November lows.

March Eurocurrency: Support today is again at 121.00 and from there the market should rally into the 122.80 to 123.00 zone. That should end the move up from 116.61.

February Crude: I think the market is headed for 56.50. I expect crude to trade in a range of $54 to $64 for several months before going much lower.

February Gold: Short term support is at 540 and gold should hit 560 before a bit break begins.  

March Silver: Today support is again 894 and silver will probably rally to 960 before a big break begins.

Google: GOOG has reached its short term upside target at 470. Support is at 445 and I see no sign that the bull market in GOOG is over. Next upside target is 495.

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