Wednesday, April 25, 2012

Guesstimates on April 25, 2012

June S&P E-mini Futures: Today's range estimate is 1374-1388. The ES is on its way to the trading range high at 1390. From there I think the market will head down to its target zone of 1320-30. But if it spends most of a day trading above 1390 I will conclude that the correction which began from 1419.75 ended at 1352.50.  The ES would then be headed for new bull market highs. 
QQQ:  Downside target is 63.50.         
TNX (ten year note yield):  The 10 year yield has drifted back into its recent multi-month trading range. I still think that the 10 year yield has started a move to  3.00%.  
Euro-US Dollar: The Euro has rejected the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: Support is at 81.00. As long as the yen doesn't spend more than a day or two below that level I will stick with my view that it is headed up to 90.00
June Crude: An extended upswing is underway. It will probably take crude to 114 or so.
GLD – June Gold:  Gold will probably drop to 1585. A move to 2100 is underway.
SLV - May Silver: I think silver is headed for 50.00. The 31.50 level is now support.
Google: Google is now headed for its 2007 top near 750. Support is at 590.    
Apple: AAPL rallied sharply on earnings news after yesterday's close and is now trading near 616. I still think there is a good chance that yesterday's low at 555 will be broken before we see new bull market highs above 644. But in either event I think that AAPL will move above the 700 level before its bull market is complete.  

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