Spiders - June S&P E-mini Futures: Out of the e-mini last night at 1297. Switching to the June contract this morning which is trading 2 points over March. The market made a lower top yesterday so I have to conclude that it is heading down to a lower low, probably at 1265 or so. I still think the drop from the October 11 top at 1575 in cash is pretty much over and that a rally of at least 200 points is imminent.
QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.
TLT - June Bonds: Resistance is at 120-00 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 119-08. I think the notes will soon begin a move to 112.
Euro-US Dollar: The market has reached the 156 target level. A big break should develop from there. Meantime support is at 149.50.
Dollar-Yen: The yen has nearly reached the 99.50 target level and a big rally should develop soon.
XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.
GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.
SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.
Google: Google has support at 420 and I think the next big move will be upward.