Thursday, April 24, 2008

Guesstimates on April 24, 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 161-162 zone, but I also think that the market is at strong, long term resistance and that the next move will be downward to 140.

Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.

XLE - OIH - USO – June Crude: The market has traded to within 5 cents of 119.00 resistance so I think a drop to 106.00 or so is imminent.

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.

2 comments:

Anonymous said...

Dear Carl:

This 1400 resistance has to be close to one of the 3 peaks. Can you give us a "George Lindsay Update".

Thanks
John Barry

Anonymous said...

I have been closely following the 3 peaks...i think 1400 is on its way to point 15...don't know if midway or 3/4 of the way, but I think for sure..this is between 14 and 15...I think this formation will be Legendary and HUGE...I see the same formation in ^DJA, ^DJI, ^SPX, ^NYA..point 10 was jan 22ish..11 looks pretty clear after 10...12 and 13 looked strange...stuck in the range before dropping to 14 in march..I hope i'm right...good luck to us all.