Thursday, January 12, 2006

Guesstimates on January 12 , 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: I now believe that the December 30 top at 115-00 will hold and that the market is on its way to the 107-108 zone. Resistance above the market stands at 114-12.

March 10 Year Notes: It now looks like the 110-05 top on January 6 will hold and that the market is headed down to 105 or so. Resistance above the market is at 109-20.

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: The 64-65 zone is strong resistance and I think from there 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 big break begins.  

March Silver: Today support is again 894 and silver will probably rally back to 930 before a big break begins.

Google: GOOG has reached its short term upside target at 470. Support is at 450 and I see no sign that the bull market in GOOG is over. Next upside target is 495.

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