Tuesday, February 07, 2006

Guesstimates on February 7 , 8:50 am ET

March S&P Futures:  The market will probably dip very briefly below 1260 and then start a rally into the 1320-25 zone. The market should reach the 1350 level in a couple of months.  

March Bonds: Resistance is now at 113-18 and the next downside target is at 111-16.  I think the market is on its way into the 107-108 zone.

March 10 Year Notes: Resistance is at 108-18 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 market is likely to bounce up from the 119.50 level but probably not much more that 100-150 points. A drop to 113 and below is underway.    

March Crude: Next downside target is at 63.20. Crude is headed for 55.00.

April Gold: Gold appears to be accelerating down below the 573 level so I think a drop of $100 has begun. First minor support on the way down is at 526.

March Silver: The market has accelerated back below 979 so I think a drop of $2.00 has started. Next short term support is at 905.

Google: I don’t think the bull market is over and I expect GOOG to find support near 365 and then head higher. Once GOOG leaps over resistance at 405 it will be headed for the next upside target at 495.

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