Thursday, May 19, 2011

Guesstimates on May 19, 2011

June S&P E-mini Futures: Today's range estimate is 1340-1356. I think the drop from 1373.50 ended yesterday at 1316. The next big swing should take the market over 1400.

QQQ: Upside target is 63.00.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: The market is headed for 137.00. Resistance is at 145.50. I still think it is likely that it will reach 150 and above during the next few months.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market now is at 82.45.

June Crude: It looks like the trend is downward. Support is at 94 and I think the market will rally to 106 or so before another down leg develops. That subsequent down leg should carry crude down to 88.

GLD – June Gold: Downside target is 1430. Resistance above the market is 1530. I think that gold will trade above 1600 during the next few months.

SLV - July Silver: Support in silver is at 31.50. The market should rally to 41.50 after hitting 31.50 support.

Google: GOOG is headed for support at 495 from which point the move to 700 and above will resume.

Apple: Next upside target is 410. Support is at 310.


catherine said...

Dollar has turned. Gold has turned, silver has turned.
Bobds have turned up.
Just a matter of time for stocks

George Rahal said...

Type-o: "I think the drop from 1373.50 ended yesterday at 1316." should be "I think the drop from 1373.50 ended at 1316." or something along those lines

Harry said...


What's the difference ?

I see the SP5000 closed above it 20 day Exponential Moving Average (1339.76) today.

Market Owl said...

What happened to the call for crude oil to go to $50? It was on the guesstimates list month after month. Now you think it will go to $106? I don't get it.