Tuesday, May 21, 2013

Guesstimates on May 21, 2013

June S&P E-mini Futures: Today’s range estimate is 1663-1673. I think the 1574-1587 zone defined by the 2000 and 2007 bull market tops is now support. The next upside target is 1775.  
QQQ:  Next upside target is 76.50.    
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 below it 20 day moving average and has spent a couple of days below 1.2920 support. At this juncture I have to conclude that the market is headed below its April 4 low at 1.2744 but I will change my mind if the Euro can recover the 1.29.20 level. In the mean time downside target is 1.24oo
Dollar-Yen: I think this bull market has much further to go.  Support is at 96. The current leg up should carry the market to 108 or so.
July 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:  I think gold is on its way to the next downside target at 1200-50. In any case there is strong resistance above the market in the 1520-30 breakout zone.  
July Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.  
Google: GOOG has reached and exceeded the 900 target. Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  Next downside target is 350. Resistance is at 460.

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