Wednesday, April 23, 2008

Guesstimates on April 23, 8:00 am ET

Spiders - June S&P E-mini Futures: My e-mini stop is still at 1358, below the ½ retracement for the rally from 1325. Support is at 1365. I think this market is on its way to 1410 and eventually to 1430-40 in a month or so.

QQQ: A rally to 47.50 is underway.

TLT - June Bonds: I think the bonds are on the way down to 112. I think TLT will drop to 88.

June 10 Year Notes: I think the notes are on the way down to 112.

Euro-US Dollar: It 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: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – June Crude: June crude traded within 5 cents of 119.00 resistance yesterday so I think the market will probably drop at least $10 dollars from here. Support is at 106.00.

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 1550 or so. The high at 1875 probably marked the end of the rally from 1632.

Google: Google now has support at 510. I think a big move upward is underway. Next short term upside target is 590.

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