Tuesday, May 06, 2008

Daily guesstimates on May 6, 8:00 am ET

Spiders - June S&P E-mini Futures: I still think that the market has a better than even chance of moving into the 1430-40 range before it drops below 1390. Support in any case is at 1375.

QQQ: I think the Q’s will move into 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: The weakness late last week means that the market is about to drop to the 140 level. Resistance is at 158.00.

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 still strong resistance and I think a drop to 106.00 or so is imminent.

GLD - June Gold: The market should drop into the 750-80 range. Resistance is now at 915.

SLV - July Silver: It looks like the silver is headed for 1550 or so.

Google: Google now has support at 540. I think a big move upward is underway. Next short term upside target is 610.


Anonymous said...

Hi Carl:

On Monday you were even more convinced of a 50-60 point drop, now it's only to 1375? I see it dropping to about 1280 before any work above 1420 takes place.

BeautifulWorld.me said...

Hi Carl,

Now, Goldman is jumping on oil 200 bandwagon.


Only insane traders could think that we, US economy, are in bull market with oil price going to 200.

It's greed monsters.

Other than that, good luck

Anonymous said...

Hi Carl:

great blog!

Crude had closed above $120 per barrell ... is the bearish case still valid?

Anonymous said...


Thank you for sharing your your work and "guestimates" with us out here. I look at your comments almost every day. Given human inertia, I tend to forget about the time you put into it and the value it adds to my day.

Thanks again.


Anonymous said...

I'm new to your blog and impressed with your work. I was also a Cal graduate. Now that we are almost reach your 1430's goal, where do you see the market in the next few weeks or months? TIA