Guesstimates on May 2, 2012

June S&P E-mini Futures: Today's range estimate is 1388-1400. 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 at 81.00. 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 - July 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.