Wednesday, May 21, 2008

Guesstimates on May 21, 8:00 am ET

Spiders - June S&P E-mini Futures: The market is on the way down into the 1350-75 zone. After the reaction has been completed 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: Yesterday’s close above 127.50 means that crude is headed for the 136 level.

GLD - June Gold: Yesterday June gold closed above the 915 level and this means that the market is headed back to 1000 and possibly to the 1060 level.

SLV - July Silver: I think the trend in silver has turned upward and that a move to 2000 is underway.

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

1 comment:

Anonymous said...

Hi Carl,

As I have said the other day I agree about your new gold comment. However I think it will have a hard time to move over 954 for the short term. Crude will not make to 136 and start a very significant decline by the first week of June.Targeting 80 usd. Thank you.