June S&P E-mini Futures: Today's day session range estimate is 1558-70. 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.
June 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.