Monday, May 12, 2008

Guesstimates on May 12, 8:00 am ET

Spiders - June S&P E-mini Futures: Support today is again at 1375. I think it is likely that the market will begin a rally from that level into the 1430-40 range.

QQQ: Support is at 46.50. 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. Resistance is at 117-28. 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 market has reached the 126 level and I think a drop to 110 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 640.

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