Wednesday, September 06, 2006

Guesstimates on September 6, 8:50 am ET

September S&P Futures: The market stalled twice at 1316.50 yesterday and couldn’t quite make it to the day target of 1319.  Nonetheless the 1315 short term resistance level has held and today’s early action indicates that the three phase move down to 1291 has begun. Much high prices are likely later this year.

December Bonds: I think the next big move in the bonds will be downward to 106-24.  Resistance is at 111-00. 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: The 127.30 level is still support and I expect a move to 130.60 before that support is broken.

Dollar-Yen: The yen should hold the 115.30 level. Next upside target is 119.50. The yen should reach 130 over the next year.

October Crude: The market has reached the 68.00 target and I think the next significant development will be a rally into the 73-75 zone.

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.

December Silver: I am still short term bullish on silver but the market is getting close to the 1350 upside target.  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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