Guesstimates on January 3, 8:30 am ET

Spiders - March S&P E-mini Futures: Downside targets are 1435 for the March futures and 142.50 for the Spiders. Once these levels are reached I think the market will begin a move to new highs for the bull market. Resistance today is at 1470 in the futures.

QQQQ: The Q’s are headed for 54.20 and eventually to the 60 level. Support stands at 49.75

TLT - March Bonds: Resistance above the market is at 118-28. I think that the 119-12 high will hold and that the market will drop to 110 or a bit lower over the coming months. TLT is headed for 87.

March 10 Year Notes: Resistance above the market is at 115-08. I think the notes will soon start a drop of at least 5 points.

Euro-US Dollar: I think the euro is establishing a long-lasting top. Resistance above the market is at 148.20.

Dollar-Yen: The yen has dropped further than I expected but I suspect this morning’s low at 108.20 or so will hold and that the market will begin a move to 117.00 and higher.

XLE - OIH - USO – February Crude: Crude closed over the 97.70 level yesterday so it should soon hit 101.50 before an extended drop starts. I think the market will drop to 75 and lower during the coming months. USO should drop to 56, OIH to 140 and XLE to 60.

GLD - February Gold: The futures nearly reached 873 this morning and I think they will take a peek above that level before starting an extended drop.

SLV - March Silver: I think that the 1644 high in March silver will hold and that an extended decline has begun. The current rally should halt at a lower top near the 1570 level.

Google: GOOG is headed for 760.Support is at 675.