Thursday, May 08, 2008

Guesstimates on May 8, 8:00 am ET

Spiders - June S&P E-mini Futures: It now looks like a reaction into the 1375-85 range is underway. Once it is complete I shall be looking for a rally into the 1430-40 range.

QQQ: Support is at 46.50. 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 market is headed for 126 before another substantial break begins.

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

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 640.

1 comment:

Anonymous said...

Could see one more powerful rally into Friday if the Moon triggers Leo again.

Moons South Node is also in Leo, could see some bullish speculative activity.

Im staying bullish for few more days.