Tuesday, May 20, 2008

Guesstimates on May 20, 8:00 am ET

Spiders - June S&P E-mini Futures: The market has reached the 1430-40 zone and I think yesterday’s late break is the start of a drop that will carry the market down into the 1350-75 range. From that upcoming low I expect to see a rally which will take the S&P’s to 1500.

QQQ: I think a drop to support at 46.50 is imminent.

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 – July Crude: A close above 127.50 will make move up to 136 very likely.

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

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

Google: I looks like Google will probably drop to 515 or so before resuming its uptrend.

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