June S&P E-mini Futures: Today's day session range estimate is 1548-60.
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.
April 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.
3 comments:
GAP TRACK FACTS:
30% of the rise in the DIA from 2009 lows thru today is from unfilled (including intraday activity) gaps. Under no uncertain terms, this has catastrophic implications. The unfilled gaps post 9/11 which were fueled from FED intervention were nowhere close to those of post 2009.
Why?
Gaps imply no price support, as no stock transactions took place at those prices during RTH. These like empty air pockets can cause a lot of turbulence, if not horrifying free falls. Once panic sets in, Bernanke will expedite his retirement. Then we may all look forward to "normalcy". A major correction is required to restore some confidence in the normal price discovery mechanism.
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