Thursday, June 01, 2006

Guesstimates on June 1, 8:50 am ET

June S&P Futures: I still think the market will now bounce off of resistance near 1275 and drop to 1250 or so.  After that a rally to 1295 should commence.

September Bonds: Switching today to the September contract. Support is at 106-00 and from there I expect a rally to 108-20 or so. Over the next few weeks the market should reach the 110-111 zone.

September 10 Year Notes: Switching today to the September contract. Support today is at 104-22.  I think the next development will be a rally to 106-08. Over the next few weeks I expect the market to rally into the 107-108 zone.  

Euro-US Dollar: The market is headed lower. Temporary support should be found near 126.30.

Dollar-Yen: The yen is now on its way to 113.60. The market is in the early stage of  a move to 130.  

July Crude: The market is headed down to 66.50 before another rally starts.

August Gold: Switching to the August contract. The market is headed for temporary support at 610. Downside target over the next few weeks remains the 2 and 1/8 multiple of the 252 low which stands around the 535 level.

July Silver: Silver is headed for temporary support near 1160. The 935 level should be reached in a couple of months.

Google: I think Google will hold the low at 360 and rally to 410.

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