June S&P E-mini Futures: Today’s range estimate is 1585-98. The
market is holding above its April 16 rally high at 1570.75 which now should be
support. This implies that it is headed up to 1605 or so. But I still think
that a drop of 10% or more is imminent.
QQQ: Headed for 73.
TNX (ten year note yield): Bond yields are going much higher as
the market begins to anticipate stronger economic growth. The first upside
yield target for the 10 year is 2.50%.
Euro-US Dollar: The euro is trading above its 20 day
moving average and it looks like a swing to 1.40 has begun.
Dollar-Yen: I think this bull market has much further
to go. However the market is likely to stall for a few weeks beneath resistance
at 100-101. Support is at 96.
June Crude: As
long as crude does not spend much time above 100 I will stick with my view that
it is headed below 70.
June Gold: The
market has rallied a bit above 1440 resistance but should halt at 1465.
Strength above 1465 would mean that gold is headed back to the breakout point
at 1530. Downside target is still 1200-50.
July Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: The market averages are headed higher and GOOG held well
above support at 747, its 2007 top during the last reaction. This is a bullish
combination and makes it likely that GOOG will make it to 900 on this swing up.
Apple: Next
downside target is 350. AAPL has reached near term support at 390. Resistance
above the market is at 430.
