Guesstimates on February 25, 8:20 am ET

Spiders - March S&P E-mini Futures: The market is still stuck in the 1330-1370 trading range. I expect an upside breakout from this range which will carry the e-minis up into the 1430-50 range fairly quickly. If the market can hold the 1350 level today I think this upside breakout will occur in the next day or two. 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. Resistance stands at 118-04. 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. Resistance is at 116-28.

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

Dollar-Yen: The market is headed for the 110 level. Support is at 106.50. I think the yen has established an important low and is headed much higher.

XLE - OIH - USO – April Crude: The market is hovering below 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 900 level in the April contract.

SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support now is at 1610.

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