Tuesday, October 17, 2006

Guesstimates on October 17, 8:50 am ET

December S&P Futures: I think yesterday’s 1378.25 high will hold for the rest of the week. The market will probably bounce from 1369-70 but should go no higher than 1376, yesterday’s close. I think the S&P’s have begun a drop into the 1350-55 range. I expect to see a 1400 print later this year.  

December Bonds: Resistance above the market is at 110-28 and support below the market is at 109-28. 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. Support today is a t106-16.

Euro-US Dollar:  I think that the market is headed down to 124.50 and eventually much lower than that. Resistance today is again at 125.60.

Dollar-Yen: It looks like the yen has begun a corrective move that should carry down to 118.10 or so. I expect to see the yen at 130 next year.

November Crude:  The 61.00 level should be temporary resistance but I think a bigger rally is underway and will carry the market into the 64.00-65.00 range.

December Gold: Resistance is at 599. I expect the market to turn lower from there and resume its drop to below 500.

December Silver: Resistance today is at 11203. From there silver should resume its drop to below the 900 level.  

Google:  Support is at 418 and I think GOOG will soon move above its all time high of 475.  

1 comment:

Anonymous said...

Great call on BOT and CME. BOT easily went past your target and CME close to it. Do the targets remain the same?