Guesstimates on December 17, 8:30 am ET

Spiders - December S&P E-mini Futures: Long the March contract from 1482.50 (adjusted for the switch from December) and working a 1457 stop. Upside target is 1555. We are in the early stages of a move which will carry above the 1600 level.

QQQQ: The Q’s are headed for 56.00. Support is 50.75.

TLT - March Bonds: Resistance above the market is at 115-00. I think that a drop of 7-10 points is underway. TLT is headed for 87.

March 10 Year Notes: Resistance above the market is at 113-00. I think the notes have started a drop of about 5 points. Next downside target is 111-28.

Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.

Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 109.50.

XLE - OIH - USO – January Crude: The market is headed for 79.50. Resistance now stands at 96.50. USO should drop to 56, OIH to 155 and XLE to 60 within the next few weeks.

GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.

SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. Support is at 1350.

Google: GOOG has support is at 670. I think the next step up will carry the market to 730.