Tuesday, July 18, 2006

Guesstimates on July 18, 8:50 am ET

September S&P Futures: The S&P’s should hold the 1232 level today and the next development will be a rally at least to 1251 but more probably into the 1260-70 range. After that rally the odds will then favor a drop to 1224.

September Bonds: Resistance is again at 107-26 today and from there I think the market will drop to106-20. After that the market will head for the 110 level.  

September 10 Year Notes: Resistance today is at 105-20 and from there the notes should drop to support near 104-20.  The market will then head for 107.  

Euro-US Dollar: The market is headed for 123.00 and eventually much lower than that.

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: The market is headed for the 79.00-80.00 zone.

August Gold: Both gold and silver are struggling in the face of what should be bullish war news and this makes me think that a drop below 500 has started.  

September Silver: Resistance is still at 1200 but the market made several attempts at that level on war news and couldn’t make it. I think the next big move from here will be downward.  

Google:  Support is at 394 and I think GOOG will soon move above its last high at 455.

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