Tuesday, April 29, 2008

Guesstimates on April 29, 7:30 am ET

Spiders - June S&P E-mini Futures: My e-mini stop remains at 1358, below the ½ retracement for the rally from 1325. Support is at 1365. I think this market will soon hit 1410 and will probably continue up to 1430 over the next week.

QQQ: The Q’s reached the 47.50 level last week and I think the market will soon reach the 50-51 zone.

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: I still think the euro will move into the 161-162 zone, but I also think that the market is at strong, long term resistance and that the next big 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 119.00 level is strong resistance and 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 - July Silver: It looks like the silver is headed for 1550 or so.

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


Anonymous said...

move ypur stop to below the lows of last week at 1369 say 1366 or so. that way you will at least lock in 24pts

Anonymous said...

Dear Carl:
your ES long position should be covered ... why hold out for an extra 10 points? Keep that puppy on a short leash