Tuesday, August 29, 2006

Guesstimates on August 29, 8:50 am ET

September S&P Futures: The market will probably rally to 1315 or so, a little above my initial estimate of resistance in the 1309-12 zone.  After that a 10-20 point break should develop. Much high prices are likely later this year.

September Bonds: I think the next big move in the bonds will be downward to 106-24.  

September 10 Year Notes: The market will soon begin a move down to 105.  

Euro-US Dollar: The 127.30 level is now support and I still expect a move to 130.60 before a substantial down move starts.

Dollar-Yen: The yen is on the way  to 119.50. Support is at 116.30. The yen should reach 130 over the next year.

October Crude: Resistance is at 73.50 and I still think we shall see the market break to 68.00 or so before a more substantial rally starts.  

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

September Silver: I am still 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 369 and I think GOOG will soon move above its all time high of 475.  

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