Monday, August 21, 2006

Guesstimates on August 21, 8:50 am ET

September S&P Futures: Support today is at 1299.  The market should make a temporary top in the 1309-12 zone but break no more than 10-20 points from there. The 1417 level should be reached by the end of the year.  

September Bonds: I think will soon reach 110-08 and then break several points.  

September 10 Year Notes: A rally to 107-12 is underway.

Euro-US Dollar: I am a little more bullish on the euro now and while there is minor resistance near 129.40 I think it likely that the market move up to 130.60 before a substantial drop starts.

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 73.50.

December Gold: I am now short term bullish on gold and expect it to rally into the 665-670 range before turning much lower.

September Silver: I am short term bullish on silver and think that a move up to 1350 or so in the cards.  After this rally a drop to below 900 should develop.  

Google:  Support is now at 376 and I think GOOG will soon move above its all time high of 475.  

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