Guesstimates on May 11, 2012

June S&P E-mini Futures: Today's range estimate is 1335-1350. The J.P.Morgan news after yesterday's close has produced a trading range lower than yesterday's day session. I think this means that the ES is headed for 1320-30.

QQQ:  Downside target is 62.50.          

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 at 81.00. This means that the market is headed for 75 and lower.

June Crude: Support at 100 has been decisively broken. It looks like the market is headed  down to  75.   

GLD – June Gold:  Gold has reached the 1585 downside target. However I think the market will pay a visit to the vicinity of the September and December low points at 1544 and 1529 before another up leg starts.  

SLV - July Silver:  Support at 28.50 has been reached. But I now think the market will pay a visit to its December low at 26.27 before reversing.

Google: Google is now headed for its 2007 top near 750. Support is at 590.    

Apple: AAPL is headed for 520. From there  a move above the 644 high will start.