Thursday, May 23, 2013

Guesstimates on May 23, 2013

June S&P E-mini Futures: Today’s range estimate is 1623-1645. 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.  Support is at 72.00.  
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 still trading below it 20 day moving average and has spent several 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 1.2920 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 99. 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.

1 comment:

Kelly Blaine said...

The markets remain 'heavily' subsidized today, there is just no possible way that the Nikkei cn plunge nearly 8% and the US indices barely move. The era of the 'Free Markets' are a thing of the past which is very sad and why IMO the general public will never be back to stocks. In the past, they were not as 'connected' with what was going, in the digital age, you know everything instantly.