Tuesday, September 19, 2006

Guesstimates on September 19, 8:50 am ET

December S&P Futures: The market took a peek below 1229 early this morning, dropping as low as 1327.50. The favorable PPI and housing starts news then kicked off a rally which I think will carry into the 1340-42 zone. From there a break of 10-20 points is likely. Much high prices are likely later this year.

December Bonds: I think the bonds are headed downward to 106-24.  Resistance is at 110-28. Short term support is at 109-16.

December 10 Year Notes: The market is headed down to 105. Short term downside target is 106-18. Resistance is at 107-10.

Euro-US Dollar: Resistance is at 127.60. The market is headed down to 122.50.

Dollar-Yen: The yen should hold the 116.90 level. Next upside target is 120.00. The yen should reach 130 over the next year.

October Crude: The market is headed for 58.80 with resistance above the market at 64.50. Ultimately the current drop will carry the market down into the 50-55 range.

December Gold: I think a move below the 500 level is underway. Today resistance is at 602.

December Silver: I think the market is on its way below 900. Today resistance is at 1150.

Google:  Support is now at 399 and I think GOOG will soon move above its all time high of 475.  

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