Friday, September 29, 2006

Guesstimates on September 29, 8:50 am ET

December S&P Futures: The market  has reached the 1350 level. Support today is again at 1340. I think a 20-30 point reaction will begin from 1360 or so. Much higher prices are likely later this year.

December Bonds: Resistance is at 113-12 and the market is likely to drop to 112-00 before resuming its rally. I also think that the market will rally into the 114-115 range before a more substantial drop develops.

December 10 Year Notes: The market has reached resistance near 108-16 but should hold support around 108-00. I think the notes will rally into the 109-110 range before a more substantial drop begins.

Euro-US Dollar: I think that support at 126.80 has broken and that the market is headed back down to 124.50 and eventually much lower than that.

Dollar-Yen: The yen is now headed for resistance at 119.50.

November Crude: Resistance is at 64.00.  I think the market will probably take a peek below 59.00 before an even bigger rally begins. I expect to see crude trading in the 50-55 range sometime during the next 6 months.

December Gold: I think a move below the 500 level is underway. Today resistance is again at 607.

December Silver: Resistance is at 1195. I think the market will soon resume its drop to below 900.

Google:  Support is at 394 and I think GOOG will soon move above its all time high of 475.  

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