Guesstimate on May 14, 8:50 am ET

Spiders - June S&P Futures: It now looks like the reaction ended late Thursday and stopped shy of my targets of 149.00 in the Spiders and 1494 in the S&P’s. I now think that the Spiders are headed up to 153.20 and the S&Ps are headed up to 1535.

QQQQ: The Q’s held above support at 45.80 and are now headed up to 48.10. I am looking for a move up to 50.00 or higher over the next few months.

TLT - June Bonds: A bond close above 112-08 would turn me bullish but failing that I will stick with my view that this market is headed for 108-16. TLT will follow the trend in the bonds.

June 10 Year Notes: Resistance in the notes is at 108-10 and a close above the 108-16 level would mean that the trend has turned upward.

Euro-US Dollar: An extended decline is underway. Initial downside target is 133.50 but I think that the market will eventually drop to 125 or lower. Meantime resistance is at 135.80.

Dollar-Yen: The yen is headed for 123.50. Support is at 118.40. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – June Crude: Both XLE and OIH have hit or closely approached their targets at 65 and 165 respectively. I think the next significant move in both will be downward. USO is headed for 45. June crude is headed for support at 56.50.

GLD - June Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. June gold should hold resistance at 696 and then drop below 600.

SLV - July Silver: SLV has bounced off of resistance near 141 and is on its way below 120. July silver is headed below the 1200 level.

Google: I think Google is headed for 564. Next upside target is 495 while support is at 456.