Guesstimates on July 17, 9:50 am ET

Spiders - September S&P Futures: The market has nearly reached the short term upside targets of 1570 for the S&P’s and 155.50 for the Spiders. I think we shall see some sort or reaction of perhaps 20-25 S&P points develop from here, but I also expect to see the S&P’s trade well above the 1600 level later this year.

QQQQ: The Q’s have reached the short term target at 50.00. Support is at 49.00. Next upside target is 53.00.

TLT - September Bonds: The bonds are headed to 108-20. Support in TLT is at 83.00 and the next rally should carry it to 86.50.

September 10 Year Notes: The next upside target for the notes is still 106-16. I think the market will rally at least 3 or 4 points from its low at 103-21.

Euro-US Dollar: So far resistance at 137.80 is stalling the market but any strength above that level will mean that the market will continue up to 140.00

Dollar-Yen: Next upside target for the yen is 125.50. Support is at 120.70. I expect to see the yen trade at 130 later this year.

XLE - OIH - USO – August Crude: I think crude is heading up to 76.20. XLE should rally further to 76 and OIH should hit 190. USO should move up to 56.50.

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 665 and drop below 600.

SLV - September Silver: SLV should bounce off of resistance near 133 and then drop below 120. September silver should stall at resistance near 1330 and then head below the 1200 level.

Google: Next upside target is 580-85. Google will trade above the 600 level later this year.