Monday, May 07, 2007

Guesstimates on May 7, 8:50 am ET

Spiders - June S&P Futures: I think that the futures will react 20-25 points and the Spiders 2 to 2 ½ points from here before resuming the bull move to new highs. Resistance in the Spiders is at151.20 and resistance in the futures is at 1517.

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: 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: 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 support is at 465.

1 comment:

Anonymous said...

Dear Carl,

Good to see you back in full power!
Can you tell us why you believe the dollar is bottming?

Many thanks, take care and god bless you.