Monday, June 10, 2013

Guesstimates on June 10, 2013

June S&P E-mini Futures: Today’s range estimate is 1637-1652. It looks like the low of the drop from 1685.75 was 1596.50 and that the market is now headed for new bull market highs.
QQQ:  Upside target is 77.00.  
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. I think this means that the market has resumed its move up to 1.4000.
Dollar-Yen: The dollar-yen should hold support at 94.50. The next upside target is 107.00.
July Crude:  As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
August Gold:  I think gold is on its way to the next downside target at 1200-50. In any case there is strong resistance above the market in the 1520-30 breakout zone.  
July Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.  
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  Next downside target is 350. Resistance is at 460.

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