Tuesday, February 21, 2006

Guesstimates on February 21 , 8:50 am ET

March S&P Futures:  I think the market is headed for 1320. The 1280 level is still support but is looks like the market will trade into the 1295-1300 zone before any break of as much as 10 points can develop. The market should reach the 1350 level by late April.  

March Bonds: The next downside target is at 111-16 while resistance today is at 113-08. I think the market is on its way into the 107-108 zone.

March 10 Year Notes: Resistance is now at 108-04 while the next support level beneath the market is at 107-10. I think notes will reach 104 or so in a few months.

Cash Eurocurrency: The next downside target is117.90 while resistance is at 119.80. A drop to 113 and below is underway.    

April Crude: The market has rallied more than I expected but today the  63.50 level is resistance. The next downside target is 57.20. Crude is headed for 52.00 and eventually lower than that.

April Gold: I think a drop of $100 is underway. Resistance today is again at 556. Next support on the way down is at  512.  

March Silver: I think a drop of $2.00 is underway. Resistance today is again at 950. Next short term support is at 860.

Google: GOOG has recovered strongly above the 350 level.  Short term resistance above the market is at 380 while support is at 345. Once GOOG leaps over resistance at 405 it will be headed for the next upside target at 495.

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