Guesstimates on February 21, 9:40 am ET

Spiders - March S&P E-mini Futures: The market is still stuck in the 1340-1370 trading range. I expect an upside breakout from this range which will carry the e-minis up into the 1430-50 range fairly quickly. In any case I think that the January 22 low at 1256 will hold and that a rally to the 1430 level will be the next significant development.

QQQ: The Q’s are headed for 47.50.

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: The market has broken out of its 3 week trading range to the upside and is headed for the 110 level. I now think it has established an important low and is headed much higher.

XLE - OIH - USO – April Crude: The market is close to resistance at 101. I think this is only a temporary move to new highs and that crude oil will soon head back down to below 85.

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: Google has dropped near support at 500 and I think the next big move will be upward to 750 and higher.