Wednesday, June 12, 2013

Guesstimates on June 12, 2013



June S&P E-mini Futures: Today’s range estimate is 1620-1640. The ES is still trading below last Friday’s close after a lower top below the 1685.75 high. It now looks like market is headed for 1550. But I will turn bullish again if the ES can reestablish itself above the 1640 level.
QQQ:  Downside target is 70.00.  
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 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.

2 comments:

pursuitist said...

Hi. How is 70 an upside target for the QQQs which are trading at 72.54?

Carl Futia said...

thanks for the heads-up