Monday, April 16, 2007

Guesstimates on April 16, 8:50 am ET

Spiders - June S&P Futures: The Spiders are headed for 146.50 and the S&P’s to 1475. New bull market highs will be seen during the next couple of months.

QQQQ: The Q’s are now headed for 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: The Euro is headed for the 136.40 level, just a shade below the December ’04 high. I still think that the market will drop below the 130 level before it hits 137.50.

Dollar-Yen: The yen is headed for 123. Support is at 118.00. I expect to see the yen trade at 130 later this year.

OIH - USO - May Crude: OIH should resume its bear market soon and the 153 level is strong resistance. USO is headed for 45. May crude has resistance at 65.20 and a move from there to 60.00 and lower should develop soon.

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.

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