Guesstimates on May 7, 8:50 am ET

Spiders - June S&P Futures: I think that the futures will react 20-25 points and the Spiders 2 to 2 ½ points from here before resuming the bull move to new highs. Resistance in the Spiders is at151.20 and resistance in the futures is at 1517.

QQQQ: Next upside target in the Q’s is at 47.30 while support stands at 45.80. I am looking for a move up to 50.00 or higher over the next few months.

TLT - June Bonds: I now think TLT will drop to 85 before resuming its bull market. Resistance above the market in the bonds is at 111-20 and the next downward swing should carry the market to 108-12.

June 10 Year Notes: Resistance in the notes is at 108-10. The market is headed for the 105-16 level.

Euro-US Dollar: The Euro is making a top at the same level as the December ’04 high of 136.66. I still think that the market will drop below the 130 level before it hits 137.50.

Dollar-Yen: The yen is headed for 123.50. Support is at 118.00. 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 465.