Friday, May 31, 2013

Guesstimates on May 31, 2013

June S&P E-mini Futures: Today’s range estimate is 1636-49. 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. I want to see one more day above the 1.2920 level before I turn bullish.
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: 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:

Rob said...

After shooting up to a never-before-seen 14.57 times the money on the positive side versus the negative, it fell back to 8.20, 9.61, 10.71, 9.79, 10.25, and now today, Friday, shot back up to a record high of 14.85. It may stay around these record high positive/negative numbers for a few more days, maybe make one more run at highs in the markets, maybe not, but this is definitely an important high. We will go down until, at a minimum, that number is down below 2.0. And if this is Big Daddy, we'll go down until that number gets to 0.00 or slightly negative. This could take a while.