Tuesday, May 01, 2012

Guesstimates on May 1, 2012

June S&P E-mini Futures: Today's range estimate is 1390-1402. 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 decisively broken below support. This means that the market is headed for 75 and lower.
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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