Tuesday, January 17, 2006

Guesstimates on January 17 , 8:50 am ET

March S&P Futures: The market has reached support at 1287 but a lower top made yesterday makes it likely that a move to lower support at 1279 is underway. From there it will rally to the next upside target at 1320 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.

Cash Eurocurrency: Support today is 120.00 and from there the market should rally into the 121.80 to 122.20 zone. That should end the move up from 116.39.

March Crude: The 65-66 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 $55 to $65 for several months before going much lower.

February Gold: Resistance is at 568 and the next big move will be downward to 470.

March Silver: Resistance is at 940 and the next big move will be downward to 750.

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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