Guesstimates on June 8, 8:50 am ET

Spiders - September S&P Futures: I think the low today for the Spiders will be near 147.50 and for the September futures the low will be near 1490. The subsequent rally will carry the Spider up about 2 and the futures up about 20 points. But a lower low should develop next week near 145.50 in the Spiders and near 1470 in the futures. I am expecting new highs for the bull market later this month and in July.

QQQQ: The Q’s should now find support near 45.80 today and after a rally will probably drop to 45.50 or so next week. .

TLT - September Bonds: The market dropped sharply yesterday and early today but I think this action is climactic and will be followed by a rally phase lasting several weeks. Support now is at 105-00. TLT has dropped below my initial target of 85 but should hold the 83 level and begin a sustained rally.

September 10 Year Notes: The notes are headed for 103-16 and from there a sustained rally is likely to start.

Euro-US Dollar: The euro has reached support at 133.30. If this level holds the subsequent rally should carry back to 135.40. I think that the market will eventually drop to 125 or lower.

Dollar-Yen: The yen is headed for 123.50. Support is at 121.10. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – July Crude: I think XLE is making a top near 69 and that OIH is making its top near 173. The next significant move in both will be downward. USO should drop to 45 or lower after bouncing off of 50.60 resistance. July crude has completed a rally phase and is now headed down to 55.00 and eventually lower than that.

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

SLV - July Silver: SLV is on its way below 120. July silver is headed below the 1200 level.

Google: I think Google is headed for 564. Google should hold support near 500. Next upside target is 535.