Tuesday, May 30, 2006

Guesstimates on May 30, 8:50 am ET

June S&P Futures: The market has nearly reached 1285 resistance.  The next development will be a drop to 1260 or a bit lower. After that a move to 1295 which will complete a three phase rally from the recent 1246 low.

June Bonds: The bonds are on the way down to 106-00. Resistance today is 107-08. Over the next few weeks the market should reach the 110-111 zone.

June 10 Year Notes: The notes should soon reach support at 105-04. Resistance today is 105-20. Over the next few week I expect the market to rally into the 107-108 zone.  

Euro-US Dollar: The market didn’t quite make it to 129.20 and now the short term trend has turned downward once more. A break to 126.30 and eventually lower is underway.

Dollar-Yen: The yen is now on its way to 113.60. The market is preparing for a move up to 130.

July Crude: The market reached the 72.80 resistance level last night and now I think it will turn lower.  Next downside target is 66.50.

June Gold: Gold now appears to be headed for the 675 level again. Downside target over the next few weeks remains the 2 and 1/8 multiple of the 252 low which stands around the 535 level.

July Silver: Silver now appears headed for resistance around the 13.70 level. After that the market should drop to 1100.

Google: I think Google will hold the low at 360 and rally to 410.

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