Wednesday, March 27, 2013

Guesstimaes on March 27, 2013

June S&P E-mini Futures: Today's day session range estimate is 1540-54. The Cyprus news hasn’t had more than a temporary effect on the market. This is a bullish sign. I think the ES is headed to the high end of the current long term resistance zone between 1546 and 1587. But I also think a drop of 10% or more is likely to start within a few weeks.  
QQQ:  The Q's are headed for 73.
TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.
Euro-US Dollar: The euro is scraping bottom for this reaction. The next significant move should be upward to 1.40.  
Dollar-Yen: I think this bull market has further to go, probably to 100-01.
May Crude:  As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
April Gold:  Support is in the 1530-50 zone lows of this trading range
May Silver: Support is at 26.00.
Google: Now headed for 950.
Apple:  Longer term downside target is 350 and near term support is 390. Meantime resistance above the market is at 480.

1 comment:

Andy said...

That EUR/USD move to 1.27 was spot on. Hope you traded it.

Ever thought of adding the copper price as an indicator of risk sentiment?Down -10% YTD so although not foolproof, it doesn't support the equity rally in any meaningful manner.

Keep up the good work.