Tuesday, April 17, 2007

Guesstimates on April 17, 8:50 am ET

Spiders - June S&P Futures: Support in the Spiders is at 145.30 and in the S&P’s is at 1462. Next upside targets are148.70 in the Spiders and 1495 in the S&P’s.

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.

1 comment:

leon t said...

as of today 4-27-07, your expectations for gold have been on the money. now tell us what led you to expect this. and more important when does the next leg up begins and ends.

hope the surgery was successful. i recently went through one and i can vouch the recovery takes longer than expected. that plus the soup and jello diet do wonders for your weight. best of luck.