June S&P E-mini Futures: Today's range estimate is 1270-1285. The market has dropped 25 points below the may 21 low at 1287.25, more than I would expect to see during a base building period. A fast move back above 1287 is likely and if it occurs then the short term picture will be very bullish. Given the heavily bearish market sentiment I think that a big rally is imminent.
QQQ: Support now is at 59.50. The drop from 68.50 is nearly over and should be followed by a move to new bull market highs.
TNX (ten year note yield): The 10 year yield had dropped below the low of its recent multi-month trading range. I suspect that QE III is just around the corner. If it is yields will head back up to 3.00% and higher.
Euro-US Dollar: The market is bouncing off of 1.2250 support. I see no sign that the decline is over. Indeed EU survival will require a much lower euro than we see now. I think the market will eventually drop well below 1.1500.
Dollar-Yen: This market is headed for 75 and lower.
July Crude: The market is headed down to 75.
GLD – August Gold: The market has dropped to the vicinity of the September and December low points at 1544 and 1529. I think a sustained up move is about to start.
SLV - July Silver: The market is getting close to its December low at 26.27 where a sustained move up is likely to start.
Google: Google broke support at 590 and is now headed for its January low at 562. From there the market should resume its move up to 750.
Apple: So far AAPL has held well above its low at 528 (I think the reported 522.16 low was a bad tick!) even as the S&P and the Dow have broken below their corresponding lows. This is a very bullish development. It makes me think the AAPL is now in fact headed above its 644 top instead of to 520 as I had thought previously.