June S&P E-mini Futures: Today’s range estimate is 1570-84. The
market appears to have moved above its April 16 rally high at 1570.75 which now
should be support. This implies that it is headed up to 1605 or so. But I still
think that a drop of 10% or more is imminent.
QQQ: 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 trading above its 20 day
moving average and it looks like a swing to 1.40 has begun.
Dollar-Yen: I think this bull market has much further
to go. However the market is likely to stall for a few weeks beneath resistance
at 100-101. Support is at 96.
June 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: The
market has broken out of its long trading range to the downside. It looks like
an extended bear market has begun. Initial downside target is 1200-50 while
resistance above the market is at 1440.
May Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: The market averages are headed higher and GOOG held well
above support at 747, its 2007 top during the last reaction. This is a bullish
combination and makes it likely that GOOG will make it to 900 on this swing up.
Apple: Next
downside target is 350. AAPL has reached near term support at 390. Resistance
above the market is at 430.
2 comments:
carl, if your target is higher highs, why the 10% correction? what in your work , or what in this rally you dont like? a 10% correction will happen sometime sure , but why now ? thanks again for your updates.
Mike, Carl has always been mellowing his rally calls with predictions of correction and his correction calls with predictions of rallies.
As it can always go either way, sooner or later, it always works!
You are on your own regarding accuracy of your timing for intraday trading. Be careful.
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