Friday, May 08, 2009

Guesstimates on May 8, 2009

June S&P  E-mini Futures: Yesterday’s supply shock was substantially retraced in electronic trading. For this reason I have to abandon my “50 point break” scenario. I now think the market is headed up to resistance near 952.  If I am right about this then the e-minis will not trade below yesterday’s close at 908. I estimate today’ daytime range as 910-935.

QQQ: Support is still at 34.00. Next upside target is 39.90.   

June Bonds: I don’t think the longer term bearish picture has changed. Next downside target is 115.  

June 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 118.

Euro-US Dollar: The euro moved above 133.35 resistance and this means that it is headed up to 140.00.  

Dollar-Yen: Then yen is headed for the 104.00 level.  Support stands at 95.55.  

June Crude: Crude has reached resistance in the 58-59 range. A drop to support near 54.00 would be normal. I think the market has a good shot at 64.00.

GLD – June Gold: I think the market is headed below 700. Resistance above the market is now at 945.

SLV - July Silver: Silver is headed for 750. Resistance is at 1450.

Google: Support is at 360. Next upside target is 450. 

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