Spiders - June S&P E-mini Futures: The market has entered the 1350-75 zone. I think the S&P’s will reach 1360 or so before beginning a leg up to 1500. Resistance today is 1400.
QQQ: I think a drop to support at 46.50 is underway.
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: Resistance is still at 158.00. I think the market is on its way to 140.
Dollar-Yen: The yen is headed for 112.00. Support is now at 101.15.
XLE - OIH - USO – July Crude: Crude is on its way into the 112-115 zone. Resistance above the market is at 134.
GLD - August Gold: August gold has support at 880. I still think a move to 1000 or higher is underway but a close underneath this support will change my mind.
SLV - July Silver: I think the trend in silver is upward but a close below 1680 will change my mind.
Google: It looks like Google will drop to 515 or so before resuming its uptrend.
2 comments:
Carl,
I really like that you stick to your occasionally very contrarian opinions despite whatever anyone else says - and then, just as suddenly, you change your mind.
Case in point - your prediction about S and P 1440 about three months ago. You were probably ridiculed for that. And now your Google 515 prediction. BTW, before 515 or anywhere close to that, I think Google will climb to and back down from the 580-590 resistance.
-Nitin
hey carl
thought id add to some more correlations on crude oil
1ST of all crude oil has been
following the general path as the nasdaq comp in its last 100 trading days of its final peak in 2000 , this correlates to a top of significance due june 9th 11th 2008
my cycles have a powerful turn date related to the stock mkt which kicks in june 12th .
next crude out from its bottom in
dec 1998 traded in a basing pattern for 57 months to sept 2003
dec 1998 bottom to sept 2003 bottom to top ? june 2008
next crude went up from its low
in dec 1998 for 22 months
bottom to top 22 months
july 2006 plus 23 months is june 2008
this correlates to a bottom to top to top counts as well as a top to top count all pointed in the time frame of right now to mid june
lastly and this is a bit out there
yet ill point out a few this
the
1065 low times 13 = 138.45
1712 low times 8 = 136.96
2672 low times 5 = 133.60
5053 low times 3 = 151.59
sum it up
some odd fibonacci relationships are pointing towards price
while several cycles and lindsay
top to top counts as well as a very large bottom to bottom to top count as all converging
if im correct about all of this then crude oil is about to go in a very similar path as the nasdaq
from 2000 to 2002 .
this would lean towards a very bearish crude oil market into 2010
and most people probably do not see this correlation .
joe
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