March soft red winter wheat futures at the Chicago Board of Trade are presently trading in the middle of a four-week-old sideways trading range on the daily bar chart. That trading range is bound by solid technical support at last week's low of $5.15 1/4 and the November high of $6.08. The direction in which March Chicago wheat "breaks out" of the aforementioned trading range is likely to be the next significant near-term price trend in the market.

Thankfully, people, gurus and financial journalists have stopped talking about finding a bottom in the market. This is the first sign of a possible bear market rally in our future. We do expect to see further gloomy news from the retailers regarding Christmas sales, and further gloomy news on the housing front. Good news is bad for the market, no news is bad for the market and bad news is always bad for the market.

With Citibank becoming the latest victim for an economic Bail-out the Gold market soared above the $800.00 dollar level. This is a perfect scenario of what is to come. With Government agencies trying to support the U.S Dollar and investors selling the Stock market the Gold has had trouble holding gains. However, with all the economic woes that I believe are still on the horizon I'm very Bullish Gold.I believe there will be more negative U.S Dollar news than positive news in the up-coming months. Such as unemployment,building starts,General motors, and the American Auto industry in general just to name a few.

December gold futures have been trading in a choppy and sideways trading range at lower price levels for the past month. This trading range is defined by solid technical resistance at the $780.00 area and by strong technical support at the October low of $681.00. The direction in which gold prices break out of this trading range is likely to be the direction of the next significant price trend in the market.

Don't blink, don't sneeze, certainly don't yawn or, you will miss the next turn of the market. The behavior of this market has been nothing short of incredible as it swings between complete elation, for a short while, and then moves total despair, all within a two hour time-frame. We are up one minute, down the next, up and down we go. All we seem to need is a pogo stick to complete the act and enhance trading. Traders sport blood-shot eyes and really frayed nerves. Sleep is allowed on Saturday nights, because nothing is trading as yet, Sunday evening back to the machine which has now taken over everything.

We certainly are trading in interesting times.Despite continued economic woes and increased unemployment the U.S. is continued to be supported. Much of the U.S Dollar strength is due to the avalanche - like sell-off in the Energy sector. Reports out of South Africa report Gold production was down 18% based on third quarter numbers.(Supply & Demand ???).

The Christmas selling season is in full swing with sales and discounts appearing everywhere.   The Grinch is in charge this year so unless you are a child--expect to collect some coal in your Christmas stocking.  The good news is that perhaps you can burn that coal.

December corn futures at the Chicago Board of Trade on Thursday slumped to a fresh two-week low of $3.78 as of this writing. Prices have backed well down from this week's high of $4.22 and the bears have regained downside near-term technical momentum. December corn futures remain in a 4.5-month-old downtrend on the daily bar chart, as prices have declined over 50% from the late-June contract and all-time high of $7.99 1/4 a bushel.

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Last week we continue to see the Dollar putting in at least a temporary top. We expect that top to hold for the near term and are therefore selling into any rallies that attempt to retest recent highs. We have the ECB meeting this week but a cut is already priced in and likely to have a counter-intuitive move higher in the Euro after the cut.

The volatility in the economic sector has crossed all barriers from Wall Street to Main Street. The Stock Market has experienced triple figure moves on a regular basis causing sheer panic with investors.The price of Crude Oil has dropped from the $150.00 per barrel level down below $67.00 per barrel. Gold has not gone unscathed in the recent volatility. Many investors use Gold as a leverage to protect their Stock portfolio's.This has caused the Gold market to drop from $1037.10 on March 8,2008 to the $695.50 on October, 2008 .(just 7 months later).