Guesstimates on December18, 2012

March S&P E-mini Futures: Today's day session range estimate in the March contract is 1427-1440. A move to 1468 and higher is underway.

QQQ:  Upside target is 70 then 74.

TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.

Euro-US Dollar: The ECB and the Fed are following polices which will move the Euro to 1.40 or higher.  Next upside target is 1.35. Support is at 1.2670.

Dollar-Yen: The move in the dollar-yen above 81.00 is an upside breakout from a trading range which has developed during the past three months. I think it means that the dollar-yen is now headed for 85-86. 

January Crude:  I think this market is headed for 70 and lower.

GLD – February Gold:  The market is headed for 2000 and higher.

SLV - March Silver: I think silver is headed for $40.  

Google: There are several old tops in the 640-670 range which should be strong support for the next move up to 800 and higher.   

Apple:  Contrary to my expectation AAPL yesterday broke a little below its 505 reaction low. I still think the market won't even spend a full session below that level but if  it does support is at 480.