Guesstimates on August 29, 8:50 am ET

Spiders - September S&P Futures: I think the S&P’s are headed down to the 1400 level (140.00 in the Spiders) and there will establish a low and begin a rally to new bull market highs. Resistance above the market today is at 1460.

QQQQ: Downside target is 45.50. Later this year the Q’s will go to new bull market highs.

TLT - September Bonds: The bonds have reached the 111-28 level but will probably continue a bit higher to 112-08 or so before a drop to 103 can start. TLT has almost reached the 89.00 level and should soon begin a drop to 80-81.

September 10 Year Notes: The notes have nearly reached 109-28 resistance and should soon begin a drop to 102 or so.

Euro-US Dollar: Resistance above the market stands at 136.60. I think this market is headed to 126.00 and eventually lower than that..

Dollar-Yen: I no longer think the yen will drop below it 111.57 low. Resistance is at 117.20 and this next break should hold above the 112.00 level. Looking ahead several months I expect to see the 130 level late this year or early next.

XLE - OIH - USO – October Crude: The 66.00 level is the initial target for this downswing in crude but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 51.00 level looks like temporary support in USO.

GLD - December Gold: Resistance above the market is at 683. I think gold has started a decline which will carry it to 500 and below.

SLV - September Silver: Resistance above the market is at 1230. Silver has started a drop which will carry it below 900 and SLV should drop below 90.

Google: I think support near 485 will hold and that a rally to 600 or higher will begin soon.