June S&P E-mini Futures: The ES rallied away from Wednesday’s 1842
low yesterday and as long as the market stays above that level I will maintain
my bullish stance. Today’s range estimate is 1866-1880 and I am looking for a
move above 1900.
QQQ: Upside target is 94.
TNX (ten year note yield): I think the market will move to 3.50%
over the next few months.
Euro-US Dollar: The Euro shows a downside breakout from
the trading range it formed during the past week. I expect this reaction to end
at a higher low near 1.36.
Dollar-Yen: The dollar-yen is headed for 107.00.
May Crude: I
now think the rally above the 102-03 level was just the last gasp upward prior
to a more substantial decline. Downside target is 92 but I think that may well
be only the first stopping point in a bigger decline.
April Gold: The
current reaction is the biggest by far since the low near 1180. Support is at
1310 and weakness below there will mean that the rally is over.
May Silver: Support is at 20.00 and weakness below
there will mean that the rally is over.
Google: The market averages
have turned up so Google will probably hit the 1250 target soon.
Apple: A
drop below its 200 day moving average, currently at 492, would be very bearish.
In the mean time I still think a rally to 600 or above is more likely than not.
1 comment:
Yep, rally is over in gold and silver. Was a little disappointed in you when you went bullish with everyone else. It pays to be a contrarian. See you at gold bottom of $950 and silver bottom of $16.
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