Spiders - June S&P Futures: The Spiders are headed for their next resistance at 145.20. The futures are headed for 1462. New bull market highs will be seen during the next couple of months.
QQQQ: The market is headed for resistance at 45.00. I am looking for a move up to 50.00 or higher over the next few months.
TLT - June Bonds: I now think TLT will drop to 85 before resuming its bull market. The bonds should hold temporary support near 110-00 and rally to 111-00 before resuming their decline to 109 or below.
June 10 Year Notes: The notes should hold temporary support near 107-08 and rally to 108-00 before resuming their drop to 105-16.
Euro-US Dollar: Resistance today is at 134.70 but I think that the next 500 pips from here will be downward.
Dollar-Yen: The 115.14 low on March 5 will hold and that the market is now headed for 123. Meantime the 120.20 level is resistance and support is at 117.60. I expect to see the yen trade at 130 later this year.
OIH - USO - May Crude: OIH has reached 151 and I think its long term drop is about to resume. USO is headed for 45. May crude should find temporary support at 60 but a drop to 55 or lower is underway.
GLD - June Gold: GLD should hit 70 before it drops to 60 and below. June gold has resistance at 696 and then should drop well below 600.
SLV - May Silver: SLV should bounce off of resistance near 141 and then drop below 120. Silver has resistance at 1420 and an extended drop lies dead ahead.
Google: I think the 437 low in Google will hold and that the move to 564 has started. Support now is at 460.
3 comments:
Carl your GLD and Futures resistance levels keep going up yet your downside target remains the same? What are you seeing that brings you to this conclusion? Thanks!
Hello Carl,
I don't want to be nitpicky but i have noticed that your forecasts for Gold and Silver have not really come to fruition. Even with the US dollar in trouble (WTO action against China) do you still think gold will dip below $600 an ounce?
WolfStone
Gold and Silver have been in a wide year-long trading range and are now near the high of that range.
Moreover, most people I talk with think I am an idiot for being bearish. I have always made good money by appearing to be an idiot.
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