Guesstimates on April 26, 2012

June S&P E-mini Futures: Today's range estimate is 1373-1385. The ES took a peek above its 1390 trading range high in Europe this morning and now I think it has started a move down into the1320-30 range. But if it spends most of a day trading above 1390 I will conclude that the correction which began from 1419.75 ended at 1352.50.  The ES would then be headed for new bull market highs.  

QQQ:  Downside target is 63.50.         

TNX (ten year note yield):  The 10 year yield has drifted back into its recent multi-month trading range. I still think that the 10 year yield has started a move to  3.00%.  

Euro-US Dollar: The Euro has rejected the 1.3300 resistance level. The market is headed for 1.2600.

Dollar-Yen: Support is at 81.00. As long as the yen doesn't spend more than a day or two below that level I will stick with my view that it is headed up to 90.00

June Crude: An extended upswing is underway. It will probably take crude to 114 or so.

GLD – June Gold:  Gold will probably drop to 1585. A move to 2100 is underway.

SLV - May Silver: I think silver is headed for 50.00. The 31.50 level is now support.

Google: Google is now headed for its 2007 top near 750. Support is at 590.    

Apple: I still think there is a good chance that the low at 555 will be broken before we see new bull market highs above 644. But in either event I think that AAPL will move above the 700 level before its bull market is complete.