Guesstimates on January 23, 8:50 am ET

Spiders - March S&P Futures: The S&P futures are headed for 1408 and resistance above the market is at 1435. The Spiders are headed for 140.00 and resistance today is at 142.80.

QQQQ: The Q’s are headed for 42.20 with resistance today at 44.30.

TLT - March Bonds: TLT is headed down into the 86-87 range. The bonds have resistance today at 111-12. The market is headed into the 109-110 zone.

March 10 Year Notes: Resistance today is at 107-16. The notes are headed for the 105-106 range.

Euro-US Dollar: The Euro broke above 130.00 resistance this morning but is likely to stop near 130.70 and then resume its decline to under 116.

Dollar-Yen: The yen has reached temporary resistance at 121.70. Support is at 119.50. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude: OIH has rallied as high as 134 and still looks like it will get to 137 before resuming its decline. I think USO will rally to 47.50 before the bear market resumes. Support in crude is at 51.50 and a rally into the 56.00 to 57.00 range is underway. Much lower prices are likely in the months ahead.

GLD - February Gold: GLD is headed downward to 56.00. Gold should hold resistance at 641 and soon drop below 600 and then continue lower.

March Silver: Resistance above the market is at 1325. I think a big drop in silver is underway and will carry the market below 900.

Google: A move up to 564 is underway. Support is at 465-68.