Tuesday, August 01, 2006

Guesstimates on August 1, 8:50 am ET

September S&P Futures: The next upside target for the S&P’s is 1296. Meantime support is at 1273.

September Bonds: Resistance is at 108-20 and support at 107-24. The market is in the midst of a bigger rally to 110.

September 10 Year Notes: Resistance is at 106-04 and support at 105-18. The notes are headed for 107.

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

Dollar-Yen: The yen should hold 114.30 support. The next development will be a 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.

December Gold: Short term downside target is 580. Resistance above the market is at 650. A drop below 500 is underway.

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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