The Worst Is Yet To Come !!!

At least that is what I have surmised from reading headlines and looking at cover stories over the past few days.

The media are starting to throw a scare into me, and that is hard to do. So I think that the level of public pessimism is very high, so high as to preclude any substantial drop in the averages from current levels. In fact, I think the next big move from here will be upward to 1500 in the S&P and 13300 in the Dow.

Guesstimates on June 30, 8:15 am ET

Spiders - September S&P E-mini Futures: The market bounced off of 1272 support Friday. I still think it is in the process of making a low above the March 1253 low. If I am right about this we soon should see a rally at least to 1305 and more probably to 1320 or so. The bullish divergence in the 10 day moving average of advancing issues disappeared Friday but a similar divergence in the 5 day moving average still persists. The longer term oscillators shown on the MY CHARTS link on the right hand side of this blog are also showing bullish divergences relative to the low levels reached in March. I still think that the next big move will be upward to 1500.

QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.

TLT - September Bonds: The bonds are now headed upward to 118-00.

September 10 Year Notes: The notes are now headed for 117-16.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Crude is headed for 160-165.

GLD - August Gold: I think the market is headed back to 1000.

SLV - July Silver: Resistance above the market is at 1760. It is holding so far but a close above there will turn me bullish.

Google: GOOG will drop into the 500-510 range and will then begin a move to 750 or above.

E-minis

Here is a copy of the cash S&P chart you can find by clicking on the MY CHART LIST link you see on the right hand side of this blog.

I again think that the market is starting to build a base which can support a rally to 1500. The first step should be a rally to 1305 which will probably be followed by slightly lower low near 1265.

Guesstimates on June 27, 8:20 am ET

Spiders - September S&P E-mini Futures: I thought that the market was in a trading range but the drop through 1300 yesterday contradicted my expectation. The next support on the way down in 1272. There are emerging bullish divergences in the 5 and 10 day moving averages of advancing issues (click on My Charts on the right hand side of this blog). I still think that the March low at 1253 in the futures will hold and that the next big move will be upward to 1500.

QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.

TLT - September Bonds: I don’t see any sign of an important low shaping up so I think the bonds will drop to 109-110 before turning upward again. Resistance stands at 115 and a close above there will turn me bullish.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109. Resistance stands at 113-24 and a close above there will turn me bullish.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone. A close above 140 will change my mind about this prognosis and mean that the market is headed for 160-165.

GLD - August Gold: Gold closed above 910 resistance yesterday so I think the market is headed back to 1000.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400. Resistance above the market is at 1760. It is holding so far but a close above there will turn me bullish.

Google: Yesterday’s general market weakness now makes me think that my revised target at 525 will no hold and that GOOG will drop into the 500-510 range as I originally thought it would. I think GOOG will then begin a move to 750 or above.

Chart Link

For your convenience I have put up a permanent link to my charts on StockCharts.com. It appears on the right hand side of the blog as the second entry in the "Links" listing.

Guesstimates on June 26, 8:30 am ET

Spiders - September S&P E-mini Futures: The market is in a trading range which I think will be followed by a rally to 1500. Today support is at 1300. From that level I think we shall see a rally to 1330.

QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.

TLT - September Bonds: I don’t see any sign of an important low shaping up so I think the bonds will drop to 109-110 before turning upward again. Resistance stands at 115. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109. Resistance stands at 113-24.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone. A close above 140 will change my mind about this prognosis and mean that the market is headed for 160-165.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400. Resistance above the market is at 1760.

Google: I am raising my downside target for Google to 525. I think GOOG will then begin a move to 750 or above.

Something new - My Chart List

It took me a while to figure this out, but now I have a way to communicate up-to-date charts to you. Just follow this link. I plan to add more charts when I get the time, but meanwhile I'll keep these up to date for you.

Guesstimates on June 25, 8:20 am ET

Spiders - September S&P E-mini Futures: I think that support at 1300 will hold and that the next big move in the S&P’s will be upward. It will probably take a few days of sideways trading before the rally can begin. Meantime today’s Fed news will probably result in 15 point swings to either side of 1320 but I am guessing that today’s close will not be too different from yesterday’s.

QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.

TLT - September Bonds: I don’t see any sign of an important low shaping up so I think the bonds will drop to 109-110 before turning upward again. Resistance stands at 115. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109. Resistance stands at 113-24.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone. A close above 140 will change my mind about this prognosis and mean that the market is headed for 160-165.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I am raising my downside target for Google to 525. I think GOOG will then begin a move to 750 or above.

Guesstimates on June 24, 8:20 am ET

Spiders - September S&P E-mini Futures: The S&P’s dropped this morning to within 8 points of support which stands at 1300. My best guess now is that we will a trading range develop over the next two or three days from which a rally to 1500 will begin.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: I don’t see any sign of an important low shaping up so I think the bonds will drop to 109-110 before turning upward again. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone. A close above 140 will change my mind about this prognosis and mean that the market is headed for 160-165.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 23, 8:10 am ET

Spiders - September S&P E-mini Futures: The S&P’s are headed for 1300. Resistance today is still at 1338. Once the market makes its low near 1300 I think it will move up to 1500.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 20, 8:20 am ET

Spiders - September S&P E-mini Futures: The S&P’s are headed for 1300. Resistance today is still at 1350. Once the market makes its low near 1300 I think it will move up to 1500.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 19, 8:15 am ET

Spiders - September S&P E-mini Futures: The S&P’s are headed for 1300. Resistance today is 1350. Once the market makes its low near 1300 I think it will move up to 1500.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June18, 8:15 amET

Spiders - September S&P E-mini Futures: The S&P’s are headed for 1300. Resistance today is 1355. Once the market makes its low near 1300 I think it will move up to 1500.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 17, 8:30 am ET

Spiders - September S&P E-mini Futures: The S&P’s have traded as high as 1372 this morning and I think the next significant move will be downward. The 1375 level is resistance today. My downside target remains 1300 but from there I think the market will move up to the 1500 level.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I now think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 16, 8:15 am ET

Spiders - September S&P E-mini Futures: The S&P’s have nearly reached the 1365 level and I think the next significant move from here will be downward. There is still room for the market to rally all the way up to strong resistance at 1375 but this would not change the prognosis for a drop to 1300 over the next couple of weeks. In any event I still expect a move up to 1500 once the drop from the May 19 top ends near 1300.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I now think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 13, 8:30 am ET

Spiders - September S&P E-mini Futures: The S&P’s dropped as low as 1333 yesterday but I think the market will rally to 1365 or so before it resumes its drop to the 1300 level. I have been looking for bullish divergences in the advancing issues moving averages but none have shown up thus far. In any event I still expect a move up to 1500 once the drop from the May 19 top is complete.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: The bonds are getting close to their 111 target but as yet I see no sign of an important low shaping up. TLT has nearly reached its 88 target.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I now think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 12, 8:30 am ET

Spiders - September S&P E-mini Futures: The S&P’s hit 1340 support yesterday and a rally into the 1370-75 range would be normal behavior now. I have been looking for bullish divergences in the advancing issues moving averages but none have shown up thus far. This leads me to believe that after a one or two day rally the market will resume its drop, probably down to 1300 or so. In any event I still expect a move up to 1500 once the drop from the May 19 top is complete.

QQQ: I now think the Q’s will drop into the 45-46 range before this reaction is complete.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I now think Google will drop into the 500-510 range before this reaction ends.

Guesstimates on June 11, 8:20 am ET

Spiders - June S&P E-mini Futures: The S&P’s should make a low near 1340 and then rally to 1500. Resistance today is again at 1375.

QQQ: The 48.00 level is support for the Q’s and I think the market will soon begin a rally to 54.00.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance in the 135-37 range makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: It looks like the low Google made near 538 will hold. Next upside target is 640.

Guesstimates on June 10, 8:15 am ET

Spiders - June S&P E-mini Futures: The S&P’s should make a low near 1340 and then rally to 1500. Resistance today is again at 1375.

QQQ: The 48.00 level is support for the Q’s and I think the market will soon begin a rally to 54.00.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Long term resistance in the 135-37 range makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: It now looks like the low Google made near 538 will hold. Next upside target is 640.

It's Worse Than You Think!

The heading of this post is the headline for this week's Newsweek cover story on oil and the economy. Bottom line: Newsweek and its panel of experts have decided that any hope for economic recovery (from a recession that hasn't actually happened yet!) is forlorn and should be abandoned while we still have time to save ourselves from disaster.

Below the Newsweek cover you will see the two latest cover stories from Business Week and from The Economist. Both are about the story which is in the forefront of public consciousness at the moment- super high prices for gasoline and for crude oil.

I think there has been a partial recovery from the extremely bearish sentiment on the stock market and the economy which prevailed during the first quarter of 2008 and upon which I commented in 9 posts during the January-March period. These posts can all be found here. However, I don't think it will take much to turn sentiment quite a bit more bearish. The Newseek cover illustrates this point. So I believe that the March low in the S&P near 1250 will hold and that a move to 1500 or higher will develop from the low of the reaction which is currently underway.

Public attention is increasingly focused on the $200 per barrel level in crude. I don't think we'll even get close to that price. In fact the current extreme level of volatility in crude oil futures tells me that the top is close at hand and will almost surely develop below the $150 level. There is even a good chance that last Friday's $10 rally to $139 marked the end of the bull market in crude.

Guesstimates on June 9, 8:00 am ET

Spiders - June S&P E-mini Futures: The S&P’s should make a low near 1340 and then rally to 1500. Resistance today is at 1375.

QQQ: The 48.00 level is support for the Q’s and I think the market will soon begin a rally to 54.00.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.

XLE - OIH - USO – July Crude: Crude blew right through what I thought was resistance at 131 Friday. But the days extraordinarily wide range coupled with long term resistance in the 135-37 range makes me think that the market’s next big move will be downward into the 112-115 zone.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: It now looks like the low Google made near 538 will hold. Next upside target is 640.

Guesstimates on June 6, 8:10 am ET

Spiders - June S&P E-mini Futures: The 1410 level is now resistance, but strength above there will force me to abandon my expectation of a drop to 1340. In either case I think the S&P will make it to the 1500 level in two or three months.

QQQ: The Q’s made a new rally high yesterday so I now think they will continue upward to 54.00.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – July Crude: I still think crude is on its way into the 112-115 zone. Resistance above the market is at 131.

GLD - August Gold: I think gold is headed for 750. Resistance is at 910.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: It now looks like the low Google made near 538 will hold. Next upside target is 640.

Guesstimates on June 5, 8:00 am ET

Spiders - June S&P E-mini Futures: Twice during the past two days the market has dropped to 1370-75 and then rallied. I think this means we shall see more of a rally to 1400-10 before the drop to 1340 resumes. From the 1340 low the S&P is likely to rally to 1500.

QQQ: I think a drop to support at 46.50 is underway.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – July Crude: Crude is on its way into the 112-115 zone. Resistance above the market is at 134.

GLD - August Gold: I think gold is headed for 750.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I still think Google will drop to 515 or so before resuming its uptrend.

Guesstimates on June 4, 8:20 am ET

Spiders - June S&P E-mini Futures: I still think the market will reach 1360 in the next day or so but I now believe that the low of this reaction will be near 1340. From there I expect a move upward to 1500. Resistance today is at 1392.

QQQ: I think a drop to support at 46.50 is underway.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – July Crude: Crude is on its way into the 112-115 zone. Resistance above the market is at 134.

GLD - August Gold: I think gold is headed for 750.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I still think Google will drop to 515 or so before resuming its uptrend.

Guesstimates on June 3, 8:00 am ET

Spiders - June S&P E-mini Futures: I still think the market is headed for 1360 or even a little lower before it starts a leg up to 1500. Resistance today is at 1392.

QQQ: I think a drop to support at 46.50 is underway.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – July Crude: Crude is on its way into the 112-115 zone. Resistance above the market is at 134.

GLD - August Gold: I think gold is headed for 750.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I still think Google will drop to 515 or so before resuming its uptrend.

Guesstimates on June 2, 8:00 am ET

Spiders - June S&P E-mini Futures: I still think the market is headed for 1360 or even a little lower before it starts a leg up to 1500.

QQQ: I think a drop to support at 46.50 is underway.

TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – July Crude: Crude is on its way into the 112-115 zone. Resistance above the market is at 134.

GLD - August Gold: I think gold is headed for 750.

SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.

Google: I still think Google will drop to 515 or so before resuming its uptrend.