Friday, July 28, 2006

Guesstimates on July 28, 8:50 am ET

September S&P Futures: The S&P’s should bounce off of resistance today at 1276 and then drop to my 1262 target for a three phase correction. After the correction is over I expect the market to rally to 1300.  

September Bonds: I am looking for a move to 108-20.  The market is in the midst of a move to 110.  

September 10 Year Notes: The development in the notes will be a move to 106-04 and then to 107.

Euro-US Dollar: I think 127.80 is resistance and that the market will soon begin a drop to below 123.00.

Dollar-Yen: The yen should hold 115.00 and then rally to 120.00. The yen should reach 130 over the next year.

September Crude: Downside target is 68.00 and resistance above the market is at 75.90.

August Gold: Short term downside target is 580. A drop below 500 has begun. Resistance above the market is at 639.

September Silver: I think silver is on its way below 900. Short term downside target is 980. Resistance above the market is still at 1150.

Google:  Support is at 372 and I think GOOG will soon move above its last high at 455.

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