Spiders - June S&P E-mini Futures: The market traded below 1270 most of last night and this morning couldn’t make it back above 1270 so I sold my long position at 1267. As I said Friday the market zooms and swoons on every piece of news and even before the
QQQ: The Q’s have support at 41.70. A rally to 47.50 should begin soon.
TLT - June Bonds: Resistance is still at 120-20 and from there I think the bonds will head down to to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.
Euro-US Dollar: The market ran past the 156 level overnight. If it closes today above the 157.50 level I shall expect a move to 163.
Dollar-Yen: The yen closed below 99.50 support Friday and has dropped more overnight so it will probably make it down to 93.50 before a good rally begins.
XLE - OIH - USO – April Crude: I think a break of at least $20 will be the next development.
GLD - April Gold: Gold moved well above the 1000 level last night so I think it is headed for 1065 before a substantial break begins. Meantime support is at 960.
SLV - May Silver: It looks like the silver will make it to 2200 and then begin a big break.
Google: Google has support at 420 and I think the next big move will be upward.