Tuesday, June 04, 2013

Guesstimates on June 4, 2013

June S&P E-mini Futures: Today’s range estimate is 1636-53. A drop to support in the 1574-1587 zone is underway.
QQQ:  Downside target is 70.00.  
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 has spent several days back above 1.2920 support and has closed above its 20 day moving average three days running. I think this means that the market has now resumed its move up to 1.4000.
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.
August 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.

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