Thursday, June 07, 2007

Guesstimates on June 7, 8:50 am ET

Spiders - June S&P Futures: I still think the Spiders are on their way down to 151.10 and the futures to 1510. Downside target for the September futures is 1525. From those levels the futures should rally to 1555 (Sept. futures to 1570) and the Spiders to 155.50.

QQQQ: The Q’s should find support near 46.70 and then rally to 49.00.

TLT - September Bonds: The market has reached the 107-16 level but there is still no sign of an important low. I think that the pace of the decline will begin to slow but that during this process the bonds will drop to 106-24 or so. TLT should make a low near 85.

September 10 Year Notes: The notes are headed for 104-20. Resistance above the market is at 107-08.

Euro-US Dollar: An extended decline is underway. Resistance is still 135.40. Support below the market is at 133.20. I think that the market will eventually drop to 125 or lower.

Dollar-Yen: The yen is headed for 123.50. Support is at 121.10. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – July Crude: I think XLE is making a top near 69 and that OIH is making its top near 173. The next significant move in both will be downward. USO should drop to 45 or lower after bouncing off of 50.60 resistance. July crude has completed a rally phase and is now headed down to 55.00 and eventually lower than that.

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

SLV - July Silver
: SLV is on its way below 120. July silver is headed below the 1200 level.

Google: I think Google is headed for 564. Google should hold support near 500. Next upside target is 535.


Anonymous said...

would you be interested in posting your opinion of the movements and direction of the russell 2000 or iwm. I would love to hear your open of this security.

thanks alot,
aaron w.

Anonymous said...


What are the changes that the SPX has already made a top? That is to say, the expected rally back to 1555 will not occur?


Anonymous said...


SPY went lower than you thought but QQQQ had a strong support and was traded to around $46.79. Would you say that it's close enough and the market should bounce up? Or we should see more selling because bonds are over 5% and people want to sell stocks and buy bonds instead?

Anonymous said...


All prices have met your expectation right now with SPX hitting 1500, which was an important support area. So buy now with double margin or wait and see.

Andrew Wright said...

Wow we are really tanking today.... is this a shakeout???

and are we still holding support?

Thanks Carl:)

Anonymous said...

Are we there yet?