Thursday, August 17, 2006

Guesstimates on August 17, 8:50 am ET

September S&P Futures: A reaction from 1300 down to support at 1289 would be normal at this juncture. The market is on its way to 1309 and eventually to 1417 by the end of the year.

September Bonds: I think the bonds are on the way to 110.

September 10 Year Notes: A rally to 107-16 is underway.

Euro-US Dollar: I thought the rally would halt near 128.20 but the market blew through there on yesterday’ CPI news. The euro now is on its way to 129.40 but I think the next 500 pips from current levels will be downward.

Dollar-Yen: Support is at 115.30. The yen is on the way  to 119.50. 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 has begun an extended drop that will carry it below the 500 level.

September Silver: I think silver has begun an extended drop that will carry it 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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