June S&P E-mini Futures: I think the overnight swing downward from yesterday's close is the start of a move down to 1270 in the June contract. (June is trading 5 points below March.) Today's June contract range estimate is 1290-1305. I still think we shall see much higher prices within the next couple of months.
QQQ: I expect to see new bull market highs after the current break ends.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield is headed for 4.50%.
Euro-US Dollar: I think the euro will move up to 145.00.
Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.
April Crude: Crude has hit 104 so I think it will continue upward to 112.
GLD – April Gold: A move to new highs is underway. 1495 is the next upside target.
SLV - May Silver: Silver has reached the 36.00 upside target but there is still no sign of a top. Next stop is 39.50.
Google: The 540 level is support. A move that should take GOOG above 700 is underway.
Apple: Next upside target is 375. Support is at 310.
2 comments:
Hi carl
for what its worth here is my thoughts.
the us dollar has bottomed and this should bring down overall comodity prices . gold and silver are very extended along with oil .
silver should come back to th 26 level into july aug ( seasonal bias is down into august so nothing new here ) the initial panic we are seeing is part of a re adjustment of portfolios .
money moves out of stocks and comodities then moves back in yet avoids oil stocks and the metals .
my bias is the banking sector will then out perform comodites which i aqm going to assume is bullish the overall stock indexes .
the late march early april time period is a concern though as well as mid augest . the larger trend i still think is for a long term low due mid 2012 right into the nov elections , so not exactly sure where we are in the price pattern.
joe
Carl,
Alcoa kicks off the next earnings season on 04/11/11. Will this be the catalyst to move the market out of a mid 1250s or lower range?
Thanks for your blog and any comments you may make regarding this.
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