Thursday, April 12, 2007

Guesstimates on April 12, 8:50 am ET

Spiders - June S&P Futures: The market continues to show a pattern of lower highs and lows over the past few days so I now think the Spiders will drop to 143.00 before the move up to 146.50 starts. For the same reason I think the futures will drop a bit further to 1439 before starting to move up to 1475. New bull market highs will be seen during the next couple of months.

QQQQ: The Q’s should find support near 43.80 and then move up to resistance at 45.70. I am looking for a move up to 50.00 or higher over the next few months.

TLT - June Bonds: I now think TLT will drop to 85 before resuming its bull market. The bonds should hold temporary support near 110-00 and rally to 111-00 before resuming their decline to 109 or below.

June 10 Year Notes: The notes should hold temporary support near 107-08 and rally to 108-00 before resuming their drop to 105-16.

Euro-US Dollar: Resistance is at 134.70 but I think that the next 500 pips from here will be downward.

Dollar-Yen: The 115.14 low on March 5 will hold and that the market is now headed for 123. Meantime the 120.20 level is resistance and support is at 117.60. I expect to see the yen trade at 130 later this year.

OIH - USO - May Crude: OIH has reached 151 and I think its long term drop is about to resume. USO is headed for 45. May crude should find temporary support at 60 but a drop to 55 or lower is underway.

GLD - June Gold
: GLD should hit 70 before it drops to 60 and below. June gold has resistance at 696 and then should drop well below 600.

SLV - May Silver: SLV should bounce off of resistance near 141 and then drop below 120. Silver has resistance at 1420 and an extended drop lies dead ahead.

Google: I think the 437 low in Google will hold and that the move to 564 has started. Support now is at 460.


Anonymous said...

Could you please explain what has changed for you to expect a move up to 70 first in GLD before the large drop\\?


Anonymous said...

Anonymous said...

You don't give-up on your Euro-us dollar forecast! The dollar is worthless!!!

Anonymous said...

When are we goin to see that 1430 this summer....HAHA!