Guesstimates on September 24, 8:50 am ET

Spiders - December S&P Futures: Short term support stands at 1522. Resistance above the market is at 1560 (for the Spiders these levels are 151 and 155 respectively). The S&P’s and Spiders are in the middle of a move which will establish new bull market highs by a substantial margin.

QQQQ: The Q’s should reach 52.50, a new bull market high, before a reaction of a couple of points sets in.

TLT - December Bonds: The bonds are headed down to the 106-107 zone. TLT hit 91, a full 10 points above its June low. This is important resistance and a drop to 84 or so has begun but I now expect the June low at 81.20 to hold.

December 10 Year Notes: The notes are headed down to 105.

Euro-US Dollar: The market has reached the 141.00 level and I expect a significant drop from that level.

Dollar-Yen: Support in the yen is at 113.25. Looking ahead several months I expect to see the 130 level during the next 12 months.

XLE - OIH - USO – November Crude: Switching to the November contract. The 81.00 level is strong resistance. The next significant move should be downward to 70 and below. The upside target for USO is 62. In OIH the next big move will be downward. XLE is stalling and the next big move will be downward.

GLD - December Gold: Gold should bounce off of strong resistance in the 750-55 zone and begin an extended decline. This breakout to new bull market highs is one that should be faded.

SLV - December Silver: Silver should bounce off of the 1380 level and start an extended drop.

Google: I think that a rally to 600 or higher is underway.