Monday, July 10, 2006

Guesstimates on July 10, 8:50 am ET

September S&P Futures: I think the S&P’s will drop to support at 1265 and then rally to 1310.  A move to new bull market highs is underway.

September Bonds: My next upside target for the bonds is 107-20.  Support today is at 106-20.

September 10 Year Notes: Next upside target for the notes is 105-12.  Support is at 104-18.

Euro-US Dollar: Support at 127.10 is being tested again but I think it will hold. The next upside target is 130.00. We should see the 131.00 level in a few weeks.

Dollar-Yen: The yen should reach 113.10 today and then turn upward once more.  I still think the yen is headed for the 130 level over the next year.

August Crude: The market has started a swing down to the low of its recent trading range near 68.00.  I think that low will be broken.

August Gold: Gold is headed for 662.  Support today is at 620.

September Silver: Silver is headed for 1270. Support today is at 1090.

Google:  Support is at 400 and I think GOOG will soon reach 430. I expect to see the market reach the 450-500 zone this summer.

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