Wednesday, April 02, 2008

Guesstimates on April 2, 8:15 am ET

Spiders - June S&P E-mini Futures: Short term upside target is 1390 and support now stands at 1335. The market should rally into the 1430-50 range over the next 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 think the euro is heading for 149.00.

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: I think a break of at least $20 has begun. Downside target is 90.00.

GLD - June Gold: The market should be headed for the 750-80 range. Resistance is at 940.

SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1840.

Google: Google still has support at 420 and I think the next big move will be upward. Short term upside target is 490.


Tim- said...

big rally... no criticism? funny how it works

Anonymous said...

Hi Carl,
nice rally today on gold. I am waiting to re-enter short. It might not make all the way up to 940 (but okay, resistance is an area).
I am looking for shorting around 930 and hopefully ride it down to near yesterday low.
If I manage to get in this could be a nice 2:1 reward/risk trade.

Giuseppe (

Anonymous said...

Hi Carl,
if you have time, give a look to mini-Wheat(W) and mini-Soybean(S) CBOT futures.
W is trying to recover from its worst levels and could go higher, stall and come back in again, down to the previous low.
S is in a similar situation, recovering steeply from the low of yesterday on high volume. It is closer to the sweet spot where it can be shorted again.
Of the twos I like S more as it is less risky and can provide a reward/risk ratio around 2.4 (shorting @ 1285). W, on the other side has a larger resistance area between 1045 and 1119. Risk is higher. Here I need to wait that the market puts a lower close.
I think you should give a look to grains (corn, soybean and wheat). I don't think that they would help to make your blog more interesting, however it would be more complete and helpful (if that is one of your objectives, obviosuly).
Corn, on the other side, is behaving in such a different way!! Still in rally mode. Do you see any signs of topping?

Thank you