Friday, May 03, 2013

Guesstimates on May 3, 2013

June S&P E-mini Futures: Today’s range estimate is 1597-1612. The market has moved through its long term resistance zone of 1546-87. If it should spend several days trading above 1587 I will have to abandon my 10% break scenario.
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 rallied a bit above 1440 resistance but should halt at 1465. Strength above 1465 would mean that gold is headed back to the breakout point at 1530. Downside target is still 1200-50.
July Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.  
Google: 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 rallied above initial resistance at 430 and I think the rally will carry to 460.

1 comment:

Kelly Blaine said...

I have been waiting for QQQ to hit 72.72. The other indices have made their targets. I think we are close enough and full shorts should be taken for a long term trade that will eventually see SPX back at 800 level or less.