Monday, June 02, 2008

Guesstimates on June 2, 8:00 am ET

Spiders - June S&P E-mini Futures: I still think the market 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 - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.

September 10 Year Notes: I think the notes are on the way down to 111.

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: I think gold is headed for 750.

SLV - July Silver: I 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.


Anonymous said...

in the news today crude oil futures
decline 1.70 sending the dow down 95 points . investors worried about lower crude prices were to blame for todays panic decline in the dow . appearantly the feds cutting of interests rates are doing there job at taming inflation which sent the dollar upwards .
humor for the day

Anonymous said...

Hi Carl,
I am living in Australia. The interest rate here is 8 % and they
are talking about to increase it even further to keep inflation ( 3-4 %) under control. That is the normal way. In America they reduce the interest rate, but inflation is not going up that much. How can America do the opposite. The real inflation must be far higher then what the goverment says. Alone the energy prices are going much higher because the USD is depreciating against every currency-even the Irak dinar. said...

Hi Carl,

Good morning,

This is the comment which I made regarding some Australia traders.

Lower interest rate ~~> Lower USD

Date: Monday, June 02, 2008 1:01:33 AM

Maybe they are used to lower USD now. I have a few old Australia trading friends over 5 years. They hated U.S. because they had trading account with USD with US Trading firms, e.g. TS, and USD went down; hence, their value went down. So, they switched back to their currency trading theirs/euro. Beside their trading hours for US markets is day/night staying up all night which they do not like to do.