Monday, June 07, 2010

Guesstimates on June 7, 2010 - Better late than never

June S&P E-mini Futures: Today's range estimate is 1055-1080. The market shows signs of having made a higher low at 1052 last night. Confirmation would come on strength above the 1080 level. I still think the low at 1036.75 ended the drop from 1216. A move to 1300 is underway and the up and down swings we are seeing are part of an extended base building process.

QQQ: A move up to 54.00 will be the next big swing.

TYX (thirty year bond yield): I think this market is headed for 5.40%.

TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.

Euro-US Dollar: The market broke decisively below 122 support Friday but I think it is scraping bottom. Downside should be limited to 118.00 and then an extended move into the 135-40 zone should begin.

Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.

July Crude: I still think crude oil is headed for 50.00.

GLD – August Gold: The odds are that the market will continue upward to 1320. I still expect to see 875 before 1400. Support stands in the 1160-70 range.

SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.

Google: The 450 level is support. A move that should take GOOG above 700 will begin soon.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.

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