Friday, April 21, 2006

Guesstimates on April 21 , 8:50 am ET

June S&P Futures: Support today is again at 1308 and I think that the market will soon be trading above 1330.

June Bonds: The bonds now will rally to 108-12.

June 10 Year Notes: The notes should now rally to 106-12.

US Dollar -Euro: The market dipped a little below 122.80 support but now is on the way to the next upside target at 125.20.

June Crude: The  upside target at the 74.30 level, the 7 5/8 multiple of the all time low at 9.75, has been reached and I think the market is about to drop substantially along with gold and silver.

June Gold: I looks like gold made its high at 649 and now is in the early stage of a drop to the 2 1/8 multiple of the 252 low which stands at 535.

May Silver: Silver broke $3 from its 1469 high is little more than a day. It has rallied from this morning’s low at 1160 but should encounter resistance around 1260. We expect to see the market trading around 920 in  a few weeks.

Google: Earnings news sent GOOG as high as 455 early this morning. A reaction from here is likely but the 420 level should hold. I expect continuation up to 495 over the next few weeks.  

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