Guesstimates on December 21, 8:50 am ET

March S&P Futures: I now think that the 1432-34 zone is again support and that the market is about to turn higher from there. I am abandoning my “down to 1416” scenario and instead looking for a move up to 1455 and then to 1475.

March Bonds: It still looks like the market will rally to 113-12 to 113-16 before the down trend to 109-110 resumes.

March 10 Year Notes: A rally to 108-26 is likely before the market resumes its drop inot the 105-106 range.

Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market today is at 132.50.

Dollar-Yen: I think a move to 121 and ultimately to 130 has begun. Support stands at 117.40.

February Crude: Resistance above the market is at 63.80. I expect crude to drop to 57.50.

February Gold: I think a big drop in gold is underway and will carry the market below 500. Short term support is 605 while resistance above the market is at 628..

March Silver: I think a big drop in silver is underway and will carry the market below 900. The 1195 level is now short term support and resistance above the market is at 1295.

Google: I now see support for Google in the 450-55 range. From there GOOG should begin a move up to 564.