Thursday, June 03, 2010

Guesstimates on June 3, 2010

June S&P E-mini Futures: Today's range estimate is 1090-1110. I think the low at 1036.75 ended the drop from 1216. The base building process is pretty much complete. Reactions should now be about 10-20 points instead of the 30-40 points we saw during base building. Initial upside target is 1125. A move to 1300 is underway

QQQ: A move up to 54.00 will be the next big swing.

TYX (thirty year bond yield): I think this market is headed for 5.40%.

TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.

Euro-US Dollar: The market is starting to stabilize. The 131 level is resistance. Support is at 122. I think a move to 140 will begin from current levels.

Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.

July Crude: I still think crude oil is headed for 50.00.

GLD – August Gold: The odds are that the market will continue upward to 1320. I still expect to see 875 before 1400. Support stands in the 1160-70 range.

SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.

Google: The 450 level is support. A move that should take GOOG above 700 will begin soon.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.

2 comments:

Bill said...

With the VIX at 30 you'll still get 30 to 40 point reactions. Just normal part of the market.

I agree the market is going up though.

PM said...

Hi Carl,

Did you choose not to post my morning comment to you?

PM