Guesstimates on May 13, 2009

June S&P  E-mini Futures: Contrary to my expectation the e-minis made new lows for the reaction after trading below 904 in Europe early this morning. I’m back to the “down to 875” scenario. Today’s day session range will be 880-900. Once this reaction is complete I expect the e-minis to rally to 952.

QQQ: Support is now 32.50.  Next upside target is 39.90.   

June Bonds: A bear market is underway in the bonds. Next downside target is 115.  

June 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 118.

Euro-US Dollar: The euro is headed up to 140.00.  

Dollar-Yen: Then yen is headed for the 104.00 level.  Support stands at 95.55.  

June Crude: Crude has reached resistance in the 58-59 range. A drop to support near 55.00 would be normal. I think the market has a good shot at 64.00.

GLD – June Gold: I think the market is headed below 700. Resistance above the market is now at 945.

SLV - July Silver: Silver is headed for 750. Resistance is at 1450.

Google: Support is at 360. Next upside target is 450.