Friday, June 05, 2009

Guesstimates on June 5, 2009

June S&P  E-mini Futures: A smaller drop in payrolls than expected sent the e-minis up as high as 957.50 as I write this. I estimate today’s daytime range will be 948-965. The 979 level is midpoint resistance and a drop of 50 points or so is likely to begin from a temporary high in that vicinity.

QQQ: The next upside target is 39.90.   

September Bonds: A bear market is underway in the bonds. Next downside target is 113.  

September 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 113.

Euro-US Dollar: There is no sign of a top. Support is at 137.50 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: Crude has nearly reached the 69.00 target level. Support is at 64.00 and continuation up to 75.00 is likely.   

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

SLV - July Silver: Silver is headed to 1700.

Google: Support is at 390. Next upside target is 450. 

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