Guesstimates on October 31, 8:15 am ET

Spiders - December S&P E-mini Futures: The Fed news is coming out at 2:15 pm New York time today. Moreover, the underlying market trend is still upward. The combination of these two things means that I am not going to put on any short side trade before the news comes out. I might put on a long side trade if the news pushes the market down into the 1520-30 range. I am sticking with my view that the 1492 low will hold and that the next upside target is 1595.

QQQQ: The Q’s are at resistance and I think a brief drop to 53.70 or so is likely before the market continues upward to the next target which is the 56.00 level.

TLT - December Bonds: I think the bonds will rally into the 114-115 range. Support stands at 113-06. TLT should rally into the 92-93 range.

December 10 Year Notes: It now looks like the notes will rally to 111-24 or so before a more substantial drop develops. Support is at 110-16.

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 is headed for 96.50. Support stands at 88.60. 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: Gold has nearly reached the 800 target but the trend is still upward with support at 770.

SLV - December Silver: It looks like silver will reach 1500; meantime support is at 1330.

Google: GOOG is nearing its 705 target but the trend is still upward. Support stands at 670.