Guesstimates on October 23, 8:40 am ET

Spiders - December S&P Futures: The 1525 level is resistance today in the futures. I expect another step downward to1480 or so, but I don’t think it wise to take a short position today given that the longer term trend is still upward.

QQQQ: Support today is again at 51.50. This is just a normal reaction in a bull market. It now looks like support at 52.50 will hold and that the market will head up to 56.00.

TLT - December Bonds: I think the bonds will rally into the 114-115 range. TLT should rally a bit more, probably up into the 92-93 range.

December 10 Year Notes: It now looks like the notes will rally to 111-08 or so before a more substantial drop develops.

Euro-US Dollar: Support beneath the market stands at 140.50. The historical high in the euro is 145.75 which was reached in 1992. My best guess is that the market will take a peek above there, probably hitting 146.00 and that this will be followed by a multi-month drop.

Dollar-Yen: Support in the yen is at 113.00. Looking ahead several months I expect to see the 130 level during the next 12 months.

XLE - OIH - USO – December Crude: Crude has Support at 82.00 but I think we shall see only a brief bounce from that level. I think the next significant move will be downward. The upside target for USO has been reached as has the 200-205 target for OIH. The 80 target for XLE was not reached but I don’t think the market will make it there now.

GLD - December Gold: The trend is still upward with target 800 and support is at 745.

SLV - December Silver: It looks like silver is headed back to 1500 and support is at 1330.

Google: I think that a rally to 705 is underway. Support is at 630.