Tuesday, May 23, 2006

Guesstimates on May 23, 8:50 am ET

June S&P Futures: I expect the market to rally to 1285 over the next day or two. The 1261 level is support today. The drop from 1331 looks like only the first phase of a bigger three phase drop which will probably carry the S&P down to 1240 or so. After that I still expect a move to 1350 or higher.

June Bonds: The bonds are headed for support near 106-08. Over the next few weeks the market should reach the 110-111 zone.

June 10 Year Notes: The notes are headed for support at 105-00. Over the next few week I expect the market to rally into the 107-108 zone.  

Euro-US Dollar: The market traded about 40 pips above 128.40 resistance yesterday but I think a drop to 126.00 is now underway.

Dollar-Yen: The yen dropped to support near 111.00 yesterday and now should rally to 114.50. The market is preparing for a move up to 130.

July Crude: Resistance today is 71.20. A drop to 60.00 and below is underway.

June Gold: Gold should rally to 673 and then head downward once more. Downside target over the next few weeks is the 2 and 1/8 multiple of the 252 low which stands around the 535 level.

July Silver: Resistance today is at 1300. Silver will probably continue down to 1100 or so.

Google: I think Google will probably hold Friday’s low at 360 and rally to 410.

1 comment:

hortons768im said...

Hi carl,

One time you posted your thoughts on bull market topping ou around first week of june or so. Do you still believe it stands true?
thanks