Thursday, July 13, 2006

Guesstimates on July 13, 8:50 am ET

September S&P Futures: I think the S&P’s will hold support near 1261 and then rally to 1310. A move to new bull market highs is underway.

September Bonds: The bonds will probably drop to 106-16 and then rally to 108-16. The market is headed for the 110 level.  

September 10 Year Notes: The notes should drop to support near 104-20 and then rally to 105-20.  

Euro-US Dollar: The market will probably drop a bit further to 126.40. Weakness below 126.40 would force me to abandon my 131.00 target and look for an extended drop instead.

Dollar-Yen: The yen is headed for 118.00. I still think the yen will reach the 130 level over the next year.

August Crude: A close above the 75.35 level will mean that the market is headed for 78.00.

August Gold: Resistance above the market is at 655. The 662 level is my target for the rally from 547.  

September Silver: Resistance is at 1200. The 1270 level is still my target for the rally from the 945 low.  

Google:  Support is at 405 and I think GOOG will soon move above its last high at 455.

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