Spiders - June S&P E-mini Futures: The S&P’s should make a low near 1340 and then rally to 1500. Resistance today is at 1375.
QQQ: The 48.00 level is support for the Q’s and I think the market will soon begin a rally to 54.00.
TLT - September Bonds: I think the bonds are on the way down to 111. Resistance is at 117-28. I think TLT will drop to 88.
September 10 Year Notes: I think the notes are on the way down to 111.
Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.
Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.
XLE - OIH - USO – July Crude: Crude blew right through what I thought was resistance at 131 Friday. But the days extraordinarily wide range coupled with long term resistance in the 135-37 range makes me think that the market’s next big move will be downward into the 112-115 zone.
GLD - August Gold: I think gold is headed for 750. Resistance is at 910.
SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400.
Google: It now looks like the low Google made near 538 will hold. Next upside target is 640.