Friday, July 07, 2006

Guesstimates on July 7, 8:50 am ET

September S&P Futures: The S&P’s are now headed for 1310.  Support is at 1278. 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: Support at 127.10 held and the next upside target is 130.00. We should see the 131.00 level in a few weeks.

Dollar-Yen: The yen is headed for its downside target at 113.10. I still think the yen is headed for the 130 level over the next year.

August Crude: The market has moved a little above its old high at 75.35 and a close above that level will mean that it is heading for 78.00. I still think the more likely development will be a drop below 68.00 from here.

August Gold: Gold is headed for 662.  Support today is at 620.

September Silver: Silver is headed for 1270. Support today is at 1110.

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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