Friday, June 07, 2013

Guesstimates on June 7, 2013

June S&P E-mini Futures: Today’s range estimate is 1616-1636. A drop to support in the 1574-1587 zone is underway.
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 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 broke well below 99 support yesterday and has dropped even more overnight. I do not think the bull market is over. Support is at 94.50.
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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