Friday, February 03, 2006

Guesstimates on February 3 , 8:50 am ET

March S&P Futures:  Support is at 1267 and I think the market will move up to 1320. The market should reach the 1350 level in a couple of months.  

March Bonds: Resistance is still at 113-04 and the bonds 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: Support today is 107-26 but I think the notes won’t hold that level for long before they drop further to 107-04. I think notes will reach 104 or so in a few months.

Cash Eurocurrency: The market is headed down to at least 113. Meantime resistance above the market is at 122.00.    

March Crude: Crude is headed for 61.80 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. Once GOOG leaps over resistance at 395 it will be headed for the next upside target at 495.

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