Tuesday, July 11, 2006

Guesstimates on July 11, 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: The market has dropped as low as 127.05 and I think it now will climb to130.00. We should see the 131.00 level in a few weeks.

Dollar-Yen: The yen hasn’t quite made it to 113.10 but I think the market will stabilize here and prepare for a move to the 118.00 level. I still think the yen is headed for the 130 level over the next year.

August Crude: Resistance today is at 74.20.  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: Resistance today is at 634 and from there gold should drop to support around 618. After this correction is over I expect a move to 662.  

September Silver: Resistance is at 1134.  From there silver should drop to  1170. After this correction is over the move up to 1270 will resume.  

Google:  Support is at 405 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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