Thursday, November 02, 2006

Guesstimates on November 2, 8:50 am ET

December S&P Futures: I expect the S&P’s to drop a bit below the 1369 target and into the 1366-68 zone.  From there a rally to over 1400 should begin.

December Bonds: Resistance is now at the last important high of 113-11.  I think the market will drop into the 112-00 to 112-08 zone before resuming its move to 115.

December 10 Year Notes: Resistance today is at the old high at 108-23.  I think the notes will drop to 108-00 or so before resuming the move up to 110-16.

Euro-US Dollar:  The euro is headed back up into the 129-130 zone. Support today is still at 126.60 while the next upside target is 128.50.

Dollar-Yen: The yen should find support at 116.10. The next significant swing should be upward to 121.00. I expect to see the yen at 130 next year.

December Crude:  Crude held support at 57.20 and I think the market will now rally to 62.00 or so.

December Gold: Resistance is at 625 and the next big move should be downward to belo 545.

December Silver: Silver has reached the 1250 target and the next big move should be downward to below 900.

Google:  GOOG will soon reach its initial 507 target and then move on to its higher 564 target.  Support is at 466.  

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