Guesstimates on September 7, 8:50 am ET

Spiders - September S&P Futures: The S&P’s broke below yesterday’s low on the employment number this morning. If they continue down below 1460 I shall conclude that the market is headed down into the 1400-20 zone.

QQQQ: Should the Q’s drop below 48.50 today I shall conclude that the market is headed down into the 47.00 – 47.50 zone. The bull market high so far is 50.66 and later this year the market should be trading well above that level.

TLT - December Bonds: The bonds still show no sign of weakness so I think this market will make it up to 113-00 before an extended drop starts. Meantime support beneath the market stands at 110-28. TLT has reached the 89.00 level and I think the next development will be a drop into the 80-81 range.

December 10 Year Notes: The notes have reached 109-28 resistance but still show no sign of weakness. I think that the market has a good shot at reaching the 110-16 level before the extended drop I have been expecting begins.

Euro-US Dollar: The market broke well above 136.60 resistance this morning so I conclude that it is headed for the 141.00 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 – October Crude: Crude reached 76.50 resistance yesterday and I expect the market to soon begin a drop below the 67.00 level. I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 58.00 level looks like resistance in USO.

GLD - December Gold: The move above the 700 level yesterday means that gold is headed for 730. I think gold will soon start a decline which will carry it to 500 and below.

SLV - December Silver: Silver now looks like it is headed for the 1330 level. I think silver will soon start a drop which will carry it below 900 and SLV below 90.

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