Thursday, December 07, 2006

Guesstimates on December 7, 8:50 am ET

March S&P Futures: Switching to the March contract today which trades 12 points over December. I think the market is headed for 1437 and then will react back down into the 1420-25 zone.

March Bonds: Support stands at 113-30 and from there the market should rally to 115-16. However, the next 5 points in this market will be downward from here.

March 10 Year Notes: The notes should rally to 110-16. Support stands at 109-00.

Euro-US Dollar: I still think that a move to 116 and lower is imminent.

Dollar-Yen: I think a move to 121 and ultimately to 130 has begun.

January Crude: Crude has a good chance of extending its rally to 65.00. Support is still at 61.50.

February Gold: Gold reached 633 support after yesterday’s pit close. I think that the market will now rally up to the 662 target.

March Silver
: Silver dropped as low as 1361 after yesterday’s pit close but still has not reached 1350 support. However the market has rallied more than 20 cents off of its low so I think it now is headed for 1450.

Google: Last January’s top at 475 is now support and I expect Google to resume its rally to 564.

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