Spiders - June S&P E-mini Futures: The market continues to bounce off of the 1360 level but can’t move decisively above 1390. I still think that a move into the 1430-40 range is imminent but there is still an even chance we will see 1340 first.
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 still 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: Crude is trading a little more than $2 below its high at $111. I think that high will hold but even if it doesn’t the 112.50 level is the most I see on the upside before a break of $20-25 materializes.
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.