Thursday, June 29, 2006

Guesstimates on June 29, 8:50 am ET

September S&P Futures: The market is headed for 1282.  Today the 1255 level is again support. I think the market ended the drop from the May 5 top at the June 14 low of 1229. A move to new bull market highs is underway.

September Bonds: This afternoon the Fed announcement will add volatility to the market but I doubt that the net result will amount to much. Resistance above the market is at 106-08 while minor support is at 105-04. I think the market is headed down into the 103-104 range.

September 10 Year Notes: Resistance above the market is at 104-18 while support is at 103-28. The drop into the 102-103 zone is still underway.  

Euro-US Dollar: The market is headed down to temporary support at 124.30. An extended drop which should carry below 116 is underway.  

Dollar-Yen: The yen  now appears ready to drop to 115.50 or so. The market is in the early stage of  a move to 130.  

August Crude: Resistance is still at 72.90. The next development should be a break below 68.00.

August Gold: Resistance today is again at 590. Gold has now completed a three phase rally and will probably drop to a more important low in the 530-35 range.

July Silver: Resistance today is at 1050. I am expecting a drop to am important low in the 920-30 range.

Google:  Support is at 390 and I think GOOG will soon rally to 430. I expect to see the market reach the 450-500 zone this summer.

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