Friday, May 30, 2008

Guesstimates on May 30, 8:00 am ET

Spiders - June S&P E-mini Futures: The market moved a little past 1400 resistance yesterday but not enough to shake my belief that it is headed for 1360 or even a little lower before it starts a leg up to 1500.

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: The market’s weakness yesterday changed my mind about the direction of the short term trend. I now think gold is headed for 750.

SLV - July Silver: I now think the trend in silver is downward and will carry the market at least to 1400.

Google: I still think Google will drop to 515 or so before resuming its uptrend.

2 comments:

Anonymous said...

Carl,

Great BLOG! Do you currently work with any partners?

Best,
brad@ino.com

Anonymous said...

Your predictions seam to be spot on with the S&P, but with Gold&Silver was wrong. As you predicted a stronger doller you should have been short on gold all the time as well.