Guesstimates on December 16, 2008

Spiders - March S&P  E-mini Futures:  I think the market is on its way to 935 and then to 1000. Support today again stands at 860.

QQQ: The Q’s are headed for 34.

TLT - March Bonds: The market has reached resistance at 135 and should now begin a sustained downtrend.  

March 10 Year Notes: The notes didn’t make it to 128 but I think this market has begun a sustained downtrend.  

Euro-US Dollar: The euro has moved above the 122-135 range but I think it will soon head back down again.  Meantime resistance is at 139.00.  

Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is imminent.  

XLE - OIH - USO – January Crude: A rally into the 55-60 zone is underway. I think the 40.00 support level will hold for at least several months if not longer.   

GLD - February Gold: Gold should hold below 850 and then resume its move down into the 550-600 range.  

SLV - March Silver: Resistance above the market stands at 1085. Next downside target is 650.

Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.