Guesstimates on March 6, 8:50 am ET

Spiders - March S&P Futures: The S&P’s did not rally the 35 points I was expecting. A drop in the Spiders down into the 136.00 to 136.50 range would make the correction as big as the biggest in the bull market so far. The corresponding zone in the futures is 1360-65. From there I expect the market to rally to 140 (Spiders) and 1402 (March S&P’s. There is as yet no sign that the drop from the February 22 top is complete and the 135 level remains my Spider target.

QQQQ: Support today in the Q’s is now at 41.00 and from there I think the market will rally for a few days to 43.00. Downside target for the entire correction is still 39.50.

TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds should hold support near 112-24 and then rally to 114-16. Over the next few months the bonds are headed for 120.

June 10 Year Notes:The notes made their low on January 26 and are now headed for 111. Short term support is at 108-16 and the next upside target is 109-18.

Euro-US Dollar: I think a drop in the euro to below the 125 level is underway.

Dollar-Yen: The yen has been much weaker than I anticipated. My best guess now is that the entire drop from the 122.18 level will carry the market to 113. Meantime the 115.20 level is short term support and a rally from there to 117.50 is likely. I expect to see the yen trade at 130 in 2007.

OIH - USO - April Crude: OIH should soon drop to 129-130. USO should drop to 45. Resistance in April crude is at 63.30 and from there the market should drop to 55.00.

GLD - April Gold: I think that both GLD and April gold have begun an extended decline that will carry gold well below 600.

May Silver: Silver has begun an extended drop that will carry the market below 1000.

Google: Support in Google is at 430. From there a move to 564 will begin.