Spiders - June S&P Futures: The Spiders should reach their 151.20 near term target today since the futures have already hit 1517 in early morning trading. Support in the Spiders is at 149.00 and in the S&P’s support stands at 1495. Next upside targets are 152.60 and 1532 respectively.
QQQQ: Next upside target in the Q’s is at 47.30 while support stands at 46.50. 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. Resistance above the market in the bonds is at 111-20 and the next downward swing should carry the market to 108-12.
June 10 Year Notes: Resistance in the notes is at 108-10. The market is headed for the 105-16 level.
Euro-US Dollar: The Euro is making a top at the same level as the December ’04 high of 136.66. I still think that the market will drop below the 130 level before it hits 137.50.
Dollar-Yen: The yen is headed for 123.50. Support is at 118.00. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – June Crude: I am expecting a top in XLE near 65 and in OIH near 165. USO is headed for 45. June crude has resistance at 66.80 and a move from there to 60.00 and lower is underway.
GLD - June Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. June gold has bounced off of resistance at 696 and is now headed 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 support is at 465.