Guesstimates on December 19, 2011

March S&P E-mini Futures: Today's day session range estimate is 1214-1231. The drop from 1266 will probably end near 1175, although a close today above 1225 would mean that it instead ended at the 1198 low point. In either case the bigger trend is upward. A rally from the November 25 low at 1147.50 which matches the size of the October rally would bring the ES to 1370.

QQQ: Now headed for 63.

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 has started a move to 4.50%.

Euro-US Dollar: The Euro has dropped below its October 4 low. Next support is at 1.2820 and a move to 1.2400 is in the cards. . Resistance above the market is at 1.3130 . I think the Euro is "decoupling" from the European and US stock markets because the European Central Bank has made an implicit commitment to provide whatever liquidity is necessary to the EU banking system.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

February Crude: An extended upswing is underway. It will probably take crude to 114 or so.

GLD – February Gold: I think gold will probably drop to 1510 or so and then begin a move to 2100.

SLV - March Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: Upside target is now 475.