Spiders - June S&P E-mini Futures: Support is still at 1310. At this morning’s low the e-minis have dropped 52 points from last week’s high. At the 1303 level this drop will equal the last reaction on the way up to last week’s high. I think the next development will be a rally from current levels to 1390 or so. The market should rally into the 1430-50 range over the next couple of months.
QQQ: A rally to 47.50 is underway.
TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.
Euro-US Dollar: The market has rallied back near its 159.03 high but unless is closes above that level I shall still expect a reaction that will carry at least to 150.00 or so and probably lower than that.
Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.
XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.
GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.
SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1870.
Google: Google still has support at 420 and I think the next big move will be upward.