Thursday, May 28, 2009

Guesstimates on May 28, 2009

June S&P  E-mini Futures: I estimate that today’s day session range will be 888-908. It the e-minis should spend more than 30 minutes trading below 888 I will conclude that the market is headed for the 855-65 zone. Barring that I am going to stick with my view that a rally into the 950-80 zone is underway.

QQQ: The 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 115.

Euro-US Dollar: The euro has reached the 140.00 target but as yet there is no sign of a top. Support is at 135.50 and I think the market will continue upward to 144.00.  

Dollar-Yen: The yen will probably drop to 91.50 and then begin a move up to 105.00.   

July Crude: Current upside target for crude is 64.00.  Support stands at 57.00.

GLD – June Gold: The market is headed for new highs near the 1050 level.

SLV - July Silver: Silver moved above 1450 resistance and is now headed higher to 1700.

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

1 comment:

Anonymous said...

Carl, I love your guesstimates. Those are the first thing I look at, at the start of the trading day.

I have noticed that if you are bearish you also publish a far off bullish possibility and vice versa. Surely, they act as a reminder that a catastrophe can also hit the trader but it will be nice if you could mention the probability of occurrence of the catastrophe. Otherwise, your alternate long term prediction can inhibit a trader from taking a perfectly valid short term trade.

Many thanks for your great work!