Friday, November 17, 2006

Guesstimates on November 17, 8:50 am ET

December S&P Futures: Support today is near 1398. From there the market should rally into the 1410-12 zone and possibly all the way to 1420. After that rally I shall be expecting another break of 30 points or so.

December Bonds: The bonds are headed back down to the low of the current trading range near 111-16. After that the market should rally to 115.

December 10 Year Notes: The notes are headed down to 107-12 or so from which point they should rally to 110-16.

Euro-US Dollar: Support now stands at 127.40. I also think that the market will take out its June 5 high at 129.76 before the advance from 124.83 is complete.

Dollar-Yen: A rally past 118.60 will turn me short term bullish again. Meantime I shall stick with my view that the yen should drop to 116.00 or so and then rally to 121.00. I expect to see the yen at 130 next year.

January Crude
: The 58.00 level is still support today and I think the market will rally into the 62-63 range soon.

December Gold
: Support in gold is now at 613. I still think the market will move up to 650 before an extended drop begins.

December Silver: Silver should hold support near 1255 and then rally to 1350 before a substantial drop begins.

Google
: GOOG will soon reach its initial 507 target and then move on to its higher 564 target. Support is at 463.

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