Thursday, February 02, 2006

Guesstimates on February 2 , 8:50 am ET

March S&P Futures:  Support is still 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 encountered resistance near 113-04 and now are headed for the next support below the market at 111-16. I think the market is on its way into the 107-108 zone.

March 10 Year Notes: I think the market is headed for 107-26 and resistance is at 108-20. 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: I got faked out yesterday but the weak close means that crude is headed down to 64.00 and then to 55.00.

April Gold: The 573 level is key for me and as long as the market does not accelerate back below there I will look for a further advance to 600 or so.  I still think that the next $100 move from here will be downward.

March Silver: As long as silver holds above 979 I think a move to 1023 is likely. Even so, the next $2.00 move from here will be downward.

Google: I don’t think the bull market is over and I expect GOOG to hold support in the 345-350 zone. Temporary resistance is at 395 and a breakout above that level will mean that a move to 495 is underway.

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