Guesstimates on February 12, 8:30 am ET

Spiders - March S&P E-mini Futures: I think the e-minis have started a move to1430 or so and there is a good chance that today will be a breakout day. I shall try to get long on a reaction that carries back near yesterday’s close at 1338 and will tell you when I put the order in. If I am reading the situation correctly yesterday’s close should be support today. In any case I think the January 22 low is going to hold and that in three or four months the average will be above the 1600 level.

QQQ: It’s starting to look like the Q’s are putting in a higher low. Strength above 44.50 would confirm this and mean that a move up to 47.50 is underway.

TLT - March Bonds: The bonds are headed down to 112 or so. Today resistance is at 119-12. I think TLT will drop to 88.

March 10 Year Notes: The notes are still holding support but a break below 115-20 will mean that a drop to 112 is underway.

Euro-US Dollar: I still think that the market is headed for 151 or so.

Dollar-Yen: I think the market is establishing an important low but another drop down into the 104-105 zone is likely before a sustained rally can begin.

XLE - OIH - USO – March Crude: It looks like March crude will soon drop below the 85.00 level and then the next support level is the short term target at 75.00. The market rallied close to 95.00 resistance yesterday but I think it will soon turn and drop below 85.00. USO should drop to 56, OIH to 140 and XLE to 60 over the coming months.

GLD - April Gold: I think gold futures are now headed for 1000. Support is at the 885 level in the April contract. Any weakness below 880 will mean that a drop to at least 750 has begun.

SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support still stands at 1500.

Google: Any strength above 525 will mean that Google is has begun another bull market advance. I still think that GOOG will traded above the 750 level during the next few months.