Monday, April 30, 2012

Guesstimates on April 30, 2012

June S&P E-mini Futures: Today's range estimate is 1388-1398. The ES has staged an upside breakout from its 1352-1390 trading range. I think this means that the market is headed for 1475 and higher over the coming weeks
QQQ:  Upside target is now 72.50.          
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: The yen has been trading around the 81.00 support level for two weeks. The last two days price action suggest that that support has been broken. But the midpoint of the February-March rally is 80.10, just about where the market is now. A New York close below 80.00 would make me abandon my bullish view on the yen.
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: Since the ES appear to have established its reaction low I now think that AAPL will hold its 555 low. After a period of sideways action Apple should then  move above the 700 level. 

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