Friday, May 11, 2007

Guesstimate on May 11, 8:50 am ET

Spiders - June S&P Futures: The Spiders are on their way to support near 149.00 and the futures should drop to support near 1494. From those levels I expect the market to start a rally which will carry the futures to 1538 and the Spiders to 153.30.

QQQQ: Next upside target in the Q’s is at 47.30 while support stands at 45.80. I am looking for a move up to 50.00 or higher over the next few months.

TLT - June Bonds: A bond close above 112-08 would turn me bullish but failing that I will stick with my view that this market is headed for 108-16. TLT will follow the trend in the bonds.

June 10 Year Notes: Resistance in the notes is at 108-10 and a close above the 108-16 level would mean that the trend has turned upward.

Euro-US Dollar: The Euro is making a top at the same level as the December ’04 high of 136.66. Yesterday’s break below 135.00 is good evidence that an extended decline is underway. Initial downside target is 133.50 but I think that the market will eventually drop to 125 or lower.

Dollar-Yen: The yen is headed for 123.50. Support is at 118.40. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – June Crude: Both XLE and OIH have hit or closely approached their targets at 65 and 165 respectively. I think the next significant move in both will be downward. USO is headed for 45. June crude is headed for support at 56.50.

GLD - June Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. June gold should hold resistance at 696 and then drop below 600.

SLV - July Silver: SLV has bounced off of resistance near 141 and is on its way below 120. July silver is headed below the 1200 level.

Google: I think Google is headed for 564. Next upside target is 495 while I am lowering my support estimate to 456 from 465.


Anonymous said...

CME headed to 600 in a straight line? Any time frame on it? Your 495 came to fruition.

Anonymous said...

assuming ihave added these dates up correctly and also assuming i have began at the correct time
i have this to add .
if a basic advance began
jan 20 2006 june 14 2006 july 18 2006 march 14 2007
using plus 577 and 765 calander days.
jan 20 2006=aug 21 07/feb24 08
jun 14 2006=jan 15 08/jul18 08
jul 18 2006=feb 11 08/aug16 08
mar 14 2007=oct 12 08/apr17 09
your 15 yrs 3 month time span notes
noted in late 2005 falls into this
last april 17 2009 time span .
if i grouped these time frames
i get this
aug 21 2007
jan 15 08)
feb 11 08)
feb 24 08)
july 18 08
aug 16 08
oct 12 08
april 17 2009
do these dates fit into any of your work ????