Thursday, January 26, 2006

Guesstimates on January 26 , 8:50 am ET

March S&P Futures:  Support at 1262 held late yesterday and the market is now headed up to 1320. Today support comes up a bit to 1267. The market should reach the 1350 level in a couple of months.  

March Bonds: There is minor support today around 112-12 but at best a rally of a point from there to 113-12 will follow. I think the market is on its way into the 107-108 zone.

March 10 Year Notes: There is minor support in the notes today at  108-12 but any rally from there will probably halt near 109-00. I think the market is headed down to 104 or so.

Cash Eurocurrency: Resistance is still at 123.00 and I now think the market is headed down to at least 113.  

March Crude: Resistance is at 68.20 and I think the market is on its way to 62.00 and then to 57.00.

February Gold: A move down to 470 is underway. Resistance today is at 565.

March Silver: Silver has resistance today at 958.  I still think that the next big development will be a move down to 760.

Google: GOOG bounced off of resistance at 456 yesterday but held its first hour low even as the S&P made new lows for the day. This makes me think that yesterday’s 429 low will hold and that GOOG will now resume its advance to the next target at 495.  

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