Wednesday, July 05, 2006

Guesstimates on July 5, 8:50 am ET

September S&P Futures: Support today is a 1277. Next short term upside target is 1300. I think the market ended the drop from the May 5 top at the June 14 low of 1229. A move to new bull market highs is underway.

September Bonds: This morning the bonds dropped back below the 106-08 level so I conclude the market is headed down to 105-18. If we finish this week above 106-08 I will conclude that the market is headed for 110.

September 10 Year Notes: The notes are headed for the 104-06 level. If we can finish the week above 104-18 I shall conclude that the notes are headed for the 107-108 zone.  

Euro-US Dollar: The trend has turned upward and the market is headed for the 131.00 level. Support today is again at 127.10.

Dollar-Yen: The yen has decisively broken below support at  115.00 so I conclude that the market is headed down to 111.50. Resistance is again at 115.10 today. I still think the yen is headed for the 130 level over the next year.

August Crude: This market has been much stronger than I have expected. I still think that the 75.35 top will hold and that the next big move will be a drop below 68.00.  

August Gold: Gold is headed for 662.  Support today is at 610.

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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