Thursday, May 30, 2013

Guesstimates on May 30, 2013

June S&P E-mini Futures: Today’s range estimate is 1648-63. A drop to support in the 1574-1587 zone is probably underway.
QQQ:  Downside target is 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 trying to climb back above its 20 day moving average and in the process is reestablishing itself above 1.2920 support. Another day above 1.2920 would turn me bullish again
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:

Adsense said...

Hi Carl
I'll admit the market does look bearish . That said on a short term bases i am beginning to think we are giving up time and not price .
it is to soon to label this all just a sideways triangle formation yet
if it is the Dow will continue to
hold above 15269 on a closing bases
and ideally should hold above 15294
on a closing basis . so far i can label this A B C yet D would not be completed unless we make another poke above today's high .
If we see the Dow run up over the next 2 trading days above today's high . the triangle formation will gain more probability and a target towards the 15700 area would appear
likely .
Good luck