Thursday, May 08, 2014

Guesstimates on May 8, 2014

June S&P E-mini Futures: Today’s range estimate is 1866-1880. If support at 1860 fails the ES will head down to 1844. A break below 1844 would mean that a drop of 100-150 points is underway. Meantime I will stick with my view that the ES is headed above 1900.
QQQ:  Upside target is 95.00.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The euro is headed for 1.42.
Dollar-Yen: The dollar-yen is headed for 107.00.
June Crude:  Crude spent several days trading mostly above 103 resistance but so far has not spent much time trading above its last high at 104.48. A close above that high would mean the market is headed for 111. In the meantime I am sticking with my bearish stance.
June Gold:  Resistance above the market is at 1320.Downside target is 1210.
July Silver: Resistance above the market is at 20.25. Silver is headed for 13.00.
Google:  538 is now resistance above the market. Adrop to 450-475 likely.
Apple:  AAPL entered my 600-610 target zone. I think a drop to 540-550 is underway.

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