Tuesday, January 31, 2006

Guesstimates on January 31 , 8:50 am ET

March S&P Futures:  Support today is again at 1280 and I think the market is on its way to 1320. The market should reach the 1350 level in a couple of months.  

March Bonds: The bonds will encounter resistance at 113-04 and the next support below the market is at 111-16. I think the market is on its way into the 107-108 zone.

March 10 Year Notes: The notes will meet resistance at 109-00 and now I think the market is headed for 107-26. I think notes will reach 104 or so in a few months.

Cash Eurocurrency: The market is headed down to at least 113.  

March Crude: Crude rallied to 68.65 last night but I still think it is headed down to 64.00 and then to 55.00.

February Gold: I expect gold to close below 568 today and begin a move down to 470. A close above 568 will mean that 595 will be reached soon.

March Silver: I expect silver to close below 979 today and then start a move to 750 or so. A close above 979 will probably mean that the market is headed for 1030.

Google: GOOG should hold support near 420 and the next upside target is 495.

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