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.


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