Spiders - June S&P E-mini Futures: A few minutes ago I went long the e-minis at 1342. I will stay long provided we see no close today below 1335 and in the meantime I am keeping my stop at 1324. I think the market will soon rally to 1410. I expect to see prints in the 1430-40 range within a couple of months.
QQQ: A rally to 47.50 is underway.
TLT - June Bonds: Resistance is still at 120-20 and I think the bonds are on the way down to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes are on the way down to 112.
Euro-US Dollar: I now looks like the euro is about to step up into the 1.61-1.62 zone, but I also think that the market is at strong, long term resistance and that the next move will be downward to 1.40.
Dollar-Yen: It now looks like the low at 95.76 will hold. Next upside target is104.00. Support is at 99.00. T
XLE - OIH - USO – May Crude: Crude has made it up to 114.00 but the market is trading just above very strong, long term resistance in the 112-113 range. I think the next next significant development will be a drop into the $85-90 range.
GLD - June Gold: The market should be headed for the 750-80 range. Resistance is still at 940.
SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1840.
Google: Google has support at 440 and I think a big move upward is underway. Next short term upside target is 515.