Thursday, August 10, 2006

Guesstimates on August 10, 8:50 am ET

September S&P Futures: The correction which began from the 1297.75 level on August 4 should end near 1263 support. The next development will be a rally to 1309.

September Bonds: The bonds drop to 108-04 or so.  After that a rally to 110 will begin.

September 10 Year Notes: A drop to support around the 105-28 level is underway.  After this correction is complete I expect a move up to 107-16.

Euro-US Dollar: Resistance is still at 129.20 and the next development should be a drop below 123.00.  

Dollar-Yen: I think the yen will 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 76.60.

December Gold: I now think that gold will not rally above its July high and instead will stall below 670 and begin an extended drop.

September Silver: I think silver will hold below resistance near 1270 and begin a move to below 900.  

Google:  Support is at 364 and I think GOOG will soon move above its all time high of 475.  

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