June S&P Futures: A month ago the market bounced off of the 1324 level after the employment number and began a drop of almost 40 points. Today it again rallied on the employment number and again bounced off of the 1324 level. This time I think it will break above 1324 instead of dropping. I still think that the market will reach the 1350 level in a month or so.
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: The market has rallied further but I don’t think it will move much past 127.50 before beginning an extended drop. I think the next big move should carry from here to below 116.
Dollar-Yen: Support today is at 113.00. The next big move in the dollar-yen will be upward. Resistance today is at 114.30.
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: Any drop below 660 support will indicate the start of a move below the 600 level. In the meantime resistance above the market is at 687.
July Silver: I think silver has started a move to 920 or so. Resistance above the market is at 1445.
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 360 or so. I still think GOOG will make it to 495 before it drops below 331.