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.

4 comments:

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...

George,

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.