Tuesday, August 08, 2006

Guesstimates on August 8, 8:50 am ET

September S&P Futures: The market should hold support near 1272 and then rally into the 1310-15 range.

September Bonds: The bonds should hold support near 108-28 and then move up to the next short term target at 109-24. The market is in the midst of a bigger rally into the 110-111 zone.  

September 10 Year Notes: The notes should hold support near 106-08 and then rally too 106-28 before another reaction sets in . The market’s next stop after that will be 107-20.

Euro-US Dollar: The market should now begin a drop to below the 123.00 level.

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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