Friday, October 13, 2006

Guesstimates on October 13, 8:50 am ET

December S&P Futures: The S&P’s are about to establish another 10 point trading range with its high near 1373. The odds favor a break of 25-30 points next week. I expect to see a 1400 print later this year.  

December Bonds: Resistance above the market is at 111-04. The bonds are now headed down into the 107-108 area.

December 10 Year Notes: The notes are now headed down to 105-16 or so.

Euro-US Dollar:  I think that the market is headed down to 124.50 and eventually much lower than that. Resistance today is at 126.25.

Dollar-Yen: I think the yen will rally a little more, say to 120.50, before a reaction of 150-200 pips starts. I expect to see the yen at 130 next year.

November Crude:  The market should rally quickly above the 59.00 level and if it does it should continue upward into the 64.00-65.00 range.  Failing this I shall change my mind about and imminent rally and instead look for a drop to 53.00.

December Gold: Resistance is at 591. I expect the market to turn lower from there and resume its drop to below 500.

December Silver: Resistance is at 1170. From there silver should resume its drop to below the 900 level.  

Google:  Support is at 410 and I think GOOG will soon move above its all time high of 475.  

3 comments:

Anonymous said...

when you say a break of 25-30 pts are you referring to that being above 1373 or below 1363 ? Please clarify this. Thank you.

Carl Futia said...

I think the market will move down into the 1345-50 zone.

Anonymous said...

So, I see that December Gold has gone above your resistance at 591. Any thoughts on that?