Monday, May 05, 2008

Guesstimates on May 5, 8:00 am ET

Spiders - June S&P E-mini Futures: I just sold my e-mini longs at 1409. I still think the market has a better than even chance of moving into the 1430-40 range before a multi-day reaction starts, but I am even more convinced that a drop of 50-60 points will begin soon.

QQQ: 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. 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 119.00 level is still strong resistance and I think a drop to 106.00 or so is underway.

GLD - June Gold: The market should drop into the 750-80 range. Resistance is still at 940.

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 610.

1 comment:

Anonymous said...

Great calls Carl. Question: Do you still use the Sq of 9 in your trading methodology?