Spiders - June S&P E-mini Futures: The e-minis couldn’t hold support at 1306 yesterday. On the other hand, they are trading near that level as I write this. I am still going to look for signs of a higher low and a close today above the 1300 level will make this week an outside week with a higher close. This would be a bullish development in view of the extremely bearish nature of all the news and commentary I am hearing and reading. In any case I think the next significant development will be a rally into the 1430-50 range.
QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.
TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.
Euro-US Dollar: I still think the euro will make it into the 162-63 range but a close today below 155.00 will turn the trend lower for the time being.
Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.
XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.
GLD - April Gold: Yesterday’s big drop is likely to turn the week into an outside week and this means the market should now be headed for the 750-80 range.
SLV - May Silver: It looks like the silver is now headed for 16.20 or so.
Google: Google has support at 420 and I think the next big move will be upward.