Thursday, May 11, 2006

Guesstimates on May 11, 8:50 am ET

June S&P Futures: The market is headed for 1350.  Short term resistance is at 1335 while support is at 1320.

June Bonds: I think a move to 107-16 has started.

June 10 Year Notes: I think a move to 106-00 has started.

Euro-US Dollar: Short term downside target is 125.50 and if this level is reached I think a much bigger drop will be underway. The next big move should carry the market below 116.

Dollar-Yen: The market reached my 110.20 target. A rally to 112.10 is underway and the market  is preparing the ground for a big move up.  

June Crude: The  upside target at the 74.30 level, the 7 5/8 multiple of the all time low at 9.75, has been reached and I think the market is on its way below $60.

June Gold: The market is on its way to 725. Support is at 675.

July Silver: The 4 1/8 multiple of the 351 low which stands at 1440 was broken decisively this morning so I conclude that silver is on its way to the 1600 level.

Google: It looks like the drop from 455 is only the first phase of a three phase correction. I expect a rally into the 425-430 zone and then another drop to 370 or so. I still think GOOG will make it to 495.

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