Monday, January 09, 2006

Guesstimates on January 9 , 8:45 am ET

March S&P Futures:  There is short term resistance at 1298 but support stands at 1280 so any break from current levels will be modest. The market should reach the 1350 level in a couple of months.  

March Bonds: The bonds are on the way to 115-12 and support stands at 113-24. I expect a rally into the 115-116 zone before the bear market resumes.

March 10 Year Notes: The notes are on the way to 110-16 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 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: Gold has made a new high for the bull market by a dollar or so but I think the next big move will be downward from here.

March Silver: The 921 level is strong resistance and I think the market will now drop to 760 or so. The high at 934.5 (electronic) will hold for at least several months.

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 507.

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