Guesstimates on January 25

March S&P E-mini Futures: Today's range estimate is 1275-1286. I think a drop to 1260 or so is likely. A daily close below 1267.50 would probably mean that a drop to or below the 50 day moving average (currently at 1240 cash) has started. In any case by the end of April this market will have traded at 1350.

QQQQ: I think the market will rally to 58.50.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will soon begin a move up to 145.00.

Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.

March Crude: I still think crude oil is headed for 50.00. The 91.50 level is strong resistance because it is the midpoint of the 2008 drop from 147.80 to 35.00.

GLD – February Gold: A move to new highs is underway. 1495 is the next upside target. Support is at 1315.

SLV - March Silver: The upside target at 31.00 has been reached but there is still no sign of a top. Next upside target is 36.00. Support is at 25.50.

Google: The 540 level is support. A move that should take GOOG above 700 is underway.

Apple: Has reached the 350 target. Next upside target is 375. Support is at 310.