Guesstimates on May 3, 8:50 am ET

June S&P Futures: I think that the market is on its way to 1350.  Support is still at 1309.  

June Bonds: I think the bonds will rally to 107-12

June 10 Year Notes: The notes will rally to 106-00.  

Euro-US Dollar: The market is stalling at 126.50 resistance and I think the next big move should carry from here to below 116.

Dollar-Yen: The market reached my downside target at the 112.50 level. The next big move in the dollar-yen will be upward. Resistance today is at 114.20.

June Crude: The  upside target at the 74.30 level, the 7 5/8 multiple of the all time low at 9.75, has been reached and I think the market is on its way below $60.

June Gold: The market has moved well above the 661 level which is strong resistance as the 2 5/8 multiple of the 252 low. However, I suspect that it won’t spend much time above there. Resistance today is at 680.

July Silver: I am still looking for a top in silver below the 1484 level reached April 19. Resistance today is at 1445. I also think that the next big move will be downward to 920.

Google: It looks like the drop from 455 is only the first phase of a three phase correction. I expect a rally into the 425-430 zone and then another drop to 360 or so. I still think GOOG will make it to 495 before it drops below 331.