June S&P E-mini Futures: Today’s range estimate is 160601620. The
market has moved through its long term resistance zone of 1546-87. If it should
spend several days trading above 1587 I will have to abandon my 10% break
scenario. 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 started to spend time above 1465 which means that it is probably
headed back to breakout resistance at 1520-30. Downside target is still 1200-50.
July Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: 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 rallied above initial resistance at 430 and I
think the rally will carry to 460.
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