Crude oil broke through the $80 a barrel ceiling repeatedly during the week but kept falling back as hedge funds placed big bets on the Euro's decline.

The fiscal drama in Greece held global markets hostage much of the week as worries about the impact of the Greek crisis on the euro outweighed comments from Federal Reserve chairman Ben Bernanke about continued low interest rates in the U.S., pushing the euro down against the dollar and damping crude prices.

The euro recovered some ground on Friday amid new reports of European aid for Greece after falling to a nine-month low of $1.3440 on Thursday. Germany's state-owned bank KfW may take part in a planned Greek bond offering next week, according to market reports.

The Wall Street Journal reported on Friday that a small group of elite hedge fund traders have concluded that the euro could be headed to parity with the dollar and their bearish bets are increasing the downward pressure on the 16-nation currency.

The Journal compared the situation to the hedge fund attack on the dollar in 2008. However, the trades are not expected to lead to a collapse of the currency as the attacks of George Soros on the British pound did in 1992, the paper said.

Positive U.S. economic data on Friday, including a revised fourth-quarter GDP annual growth rate of 5.9%, help crude oil futures claw back some of Thursday's losses and near the $80 threshold again. Nymex's benchmark West Texas Intermediate settled at $79.66 on Friday, after topping $80 earlier in the week.

In spite of crude's difficulties in staying above $80, some analysts issued bullish prognoses for energy futures. Goldman Sachs forecast a new trading range of $85 to $95, up from the $70 to $80 of the past several months, amid supply disruptions from the North Sea and Venezuela and the impact of the Total refinery strike, which was resolved earlier this week.

Other analysts, too, looked for fundamental supply and demand considerations to reassert themselves amid the currency turmoil and lift crude oil futures into a higher trading range. Oil futures prices gained more than 9% in February but remained below January's highs.

By Darrell Delamaide of OilPrice.com who focus on, Fossil Fuels Metals, Crude Oil Prices and Geopolitics To find out more visit their website at: www.oilprice.com

Bonds and notes enjoyed another day of healthy gains despite relatively stable equities. This suggests that there are factors at work other than simple portfolio allocation.

The day's news was overall bullish to neutral for Treasuries and bearish to neutral for stocks, but only one market chose to react. Fixed income products moved higher on weaker than expected existing home sales and a slightly disappointing University of Michigan consumer sentiment reading. On the contrary, the GDP revision was positive and Chicago PMI was strong.

Some analysts are noting that lingering buy stops seem to have been cleared out on the move and that much of the buying can be attributed to month/week end data. That said, we feel like the buying will continue in the near-term but will be growing bearish at moderately higher levels.

Today was first notice day for the March Treasuries. You should be trading June...especially if you are buying futures. Anyone holding longs into today is subject to being assigned delivery of the underlying asset. If you are short, you aren't at risk of delivery but you are at risk of being caught in a thinning market.

Our upside targets remain the same, but we are now using June figures. Therefore, we are looking for the rally to continue to about 118'18ish in the June T-bond. The note, on the other hand, has reached our target but it seems like the long bond could drag it a bit higher. We are growing short-term bearish the T-note but think that the mid-to-high 117's could be seen in the June contract.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

February 18 - Our clients were recommended to sell April bond 111 puts for 23/24 today.
· February 23 - Our clients were advised to buy these back today at 8 or better. Assuming a fill at 23 getting in and exiting at 8, this is a profit of about $234 per contract before commissions and fees.

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com
www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

For the last trading day to be on the 26th of the month just doesn't seem right. Needless to say based on the market action today there seemed to be some month end window dressing, It will be interesting how we start the month of March next Monday. Oil remained range bound ending the week near the top of the recent range. We are still advising being a seller near $80 and expect a trade near $75 in the coming weeks. Clients own May $75/70 put spreads; as a side-note they do not need to go intrinsic to make money unless they chose to hold until expiration. As promised we advised clients to start buying April natural gas futures today; filled around $4.80. We are looking for a move of 50-75 cents higher in the next 30/45 days.

We maintain that indices are a sell rallies market and expect to see a trade less than 1000 in the S&P by Memorial Day. Clients are sellers on futures at 1111 and 1125 and are positioned in June puts. May sugar closed on the trend line that has held since last June. We are cautiously optimistic and have clients positioned in May calls looking for a trade back to 26 cents. Cotton was higher again today; gaining almost 3 1/2 cents or 4.3% on the week. We expect prices to make their way back below 75 cents on the May contract in the month of March. 30-yr bonds quietly gained almost 3 handles this week and no ones is paying attention. That leads me to believe there is more upside; clients are not advised to partake in the upside but will be eager to sell from higher ground.

A portion of your commodity portfolio should be in grains more specifically corn if it is not already. May corn closed at a 6 week high today and looking at the weekly chart this could just be the beginning. Take a look and draw your own conclusion. Live cattle were down on the week but higher on the day. We have clients positioned short futures and long puts to take advantage of a lower trade. May silver traded up to major resistance near $16.50 today; next week will tell the story if we can get thru those levels. On a close above $16.50 we should see a trade back above $17/ounce, perhaps as high as $17.50 before any major resistance. April gold is above both the 50 and 100 day moving average but we still need a settlement over $1128 to confirm the downside is done. The dollar traded below the 20 day moving average but until we get a close below expect sideways action; that level is 80.25 on the March contract. The waters are murky in terms of other currencies; clients only have light longs in the Euro via April options expecting 1.39 next week.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Economic Woes Continue...

This week thus far we have traded a $43.00 range in the Comex Gold Market. This range has been primarily due to the U.S Dollars performance versus the the struggling European Union and the Euro. It has become apparent the situation in Europe is much worse than previously reported. It is my opinion that investors are looking to get away from the day to day speculation ratio between the Dollar and the Euro and are seeing safer havens. (precious metals).

So far this week has revealed more bad news regarding the U.S Economy.

Consumer Confidence has dropped to its lowest level since April 2009... This certainly indicates a lack of confidence by the American consumer as the are convinced the economy will be slow to rebound.

*New Home Sales Dropped 11%....

*Projections show 3 Million Homes will be reach foreclosure in 2010.

*The U.S Labor Department reported that Initial Jobless Claims rose by 22,000...
(496,000)...MUCH WORSE than expected. Economists were expecting a decline... (460,000)

*A Gallup - Poll reported 19.9% (30 Million) of American workers are UNDER employed

*FOMC Chairman Ben Bernanke has stated that KEY U.S Interest Rates will remain low...

The Precious metals have been supported through strong physical demand throughout the Asian sector as they are buying the price dips ...deeming it as "Bargain Hunting"...

The Chinese recently stated they were NOT interested in buying the remaining IMF Gold at these levels.....Are these the same Chinese who have boasted to the world that they will take their current 1500 metric tons status up to the10, 000 metric ton level in 10 years?

The Chinese posses a lot of U.S Dollars! They are using television promotions to educate their citizens to purchase Gold and Silver as a hedge against pending Inflation to help protect their new found wealth....The Peoples Bank of China has raised rates twice this month...stating they were not going to continue being the lending source for the Globe. A good poker player never tips their hand!!!

These precious metals are resilient !!!

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*There is Extreme risk trading futures, options, and forex*

US DEBT REVIEW AND OUTLOOK

A quiet session was had by all within the bond & equity futures markets on Wednesday. Treasuries returned some of their gains from the previous session after testimony from Federal Reserve Chairman Bernanke settled market concerns about the FOMC implementing interest rate hikes beyond last week's hike in the discount rate. The Fed Chairman stated that inflation pressures were likely to be "subdued"-(I wonder if any of these government officials would state this fact if they had to pay for their own health care?) and that the foundation of the economic recovery will need the support of the near zero interest rate policy for a significant period of time.

Market participants apparently breathed a collective sigh of relief, allowing risk tolerance to increase for the session. Even a report on new home sales hitting a record low failed to boost demand for Treasuries. The increase in risk tolerance also had a negative effect on today's record auction of US 5 year notes ($42 B). Bid to cover was average, but the yield awarded was nearly 1.5 basis points higher than the market had been expecting. The expectation of low yields on the Treasury curve continuing left participants for the auctions mostly indifferent. Both US debt and equity markets will likely be turning focus to the employment picture next. The second phase of the Chairman's testimony will likely have some material devoted to that question. In addition, the markets will likely be gearing up to place bets on market price action ahead of next week's US payroll data. The picture painted by the Fed Chairman leaves an economic path that is uncertain. The fact that some in power are not trying to paint too rosy a picture may be the reason that the markets are able to find some bright spots and ability to support risk.

Technically, March 30 year futures should maintain a pattern of forming lower highs, though the market may have some potential for upside breakouts through the middle of next week. The contract seems to have a growing potential to break up to the 118-15 to 118-18 level. Still see this as good level to initiate short positions, as upside above this level appears limited. Support for the contract sets up at 117-04.

US EQUITY REVIEW AND OUTLOOK

S&P Futures rebounded as the saga of near zero rates in the US is destined to continue; according to US Federal Reserve Chairman Bernanke. The Fed Chairman eased worries about monetary tightening which were fueled by last week's discount rate hike. Financials felt the weight of uncertainty lifted from them and led the major market indices higher. Citigroup was one of the biggest gainers, grabbing additional momentum from plans to sell off its funds of funds business. Tech and biotech M&A activity helped to support the NASDAQ, while a rebound in energy prices offered some support to the sector.

Technically, March S&P futures continued to meet resistance between the 1103.50 to 1108.00 levels. A breakout of this range could result in a test of the 1118.00 level. Significant support remains at the 1088.50. Continued narrowing of the range appears likely to precede a test to the downside.

Prepared by Rich Roscelli & Paul Brittain. Please voice your market opinions, thoughts and questions. Email to rich@binvstgrp.com

Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

These markets seem to change minute to minute...hour to hour...day to day. The 40 day moving average that we quoted yesterday was re-visited today and held in oil. Being that we did not make a new high we are still operating under the impression that prices need to move lower before we get any substantial upside. We would expect on a breach of $78 in April to see a trade down to $75/75.50. Clients are currently not long or short oil and are looking to buy on a dip. We did not move on natural gas futures today though we expect to be a buyer before the weekend. Instead this week those wanting exposure we are advising June $5/5.50 call spreads.

For the last 4 sessions stocks have been range bound between the 50 day and 100 day moving averages. We expect for prices to turn south and have positioned clients to take advantage of such a move. A close below 1090 in the S&P should signal a trade back to 1050. Sugar gained 3% today closing back above the 100 day moving average. As long as yesterdays low holds in the May contract at 23.49 we like being long. Unfortunately we did not get filled this morning buying back the 30 cent leg. Clients are still taking advantage of the upside but we would like to buy back that leg in the coming sessions.

July cotton was lower by almost 1% today; clients are positioned short expecting a trade back near 75 cents. We do not think Treasuries have moved high enough to sell but a trade closer to 118′00 in June a sale of 30-yr bonds should be on your radar. Agriculture recouped yesterday's losses; the standouts were corn gaining 2%, soy meal 1.9% and wheat 1.6%. We continue to feel being long corn via options and futures heading into the next USDA report on March12th makes sense. Live cattle were lower for the second day in a row closing 1.7% off their 2010 highs from last week. Clients are positioned in options and futures to take advantage of a trade down to 89.00 in April.

A move above the 200 day moving average was rejected today in March silver. Prices could go either way; use $16 as resistance and $15.50 as support to help you navigate these treacherous waters. A close below $1100 today in April gold means we should see at least an attempt at lower ground; support is seen at $1080 followed by $1065. We still cannot rule out a trade back to $1045; a level seen just 2 weeks ago. We are not establishing new longs at this point but are holding August $1150/1250 call spreads and are slightly under water for clients. As to not miss a move higher in the Euro-currency in case we get one which we do think is long over due, we lightly bought April 140 calls today for clients for $762.50/per. On a move to 140 in the next 1/2 weeks these should be worth $1350-1500/per. We are not comfortable with futures being if things unravel in Europe a trade to 1.33 could happen. Worse case these options can go worthless; and again clients have a very small position.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

May soybean futures at the Chicago Board of Trade are presently in a two-week-old price uptrend on the daily bar chart. Prices Tuesday poked to a fresh four-week high. May soybeans have recovered around 60 cents a bushel from the February 4 low of $9.11. Looking back, it appears that the seasonal "February Break" phenomenon in the grain markets paid an early visit this year, as soybean futures prices spent the month of January trending lower.

The next major upside price objective for the soybean market bulls is pushing and closing May futures prices above psychological resistance at $10.00 a bushel. Below that key price level lies chart resistance at Tuesday's high of $9.75 3/4, at $9.85 and then at the December low of $9.97 3/4. Technical support is located at Tuesday's low of $9.62 and then at this week's low of $9.53 1/2. Solid near-term chart support is located at last week's low of $9.41 in May soybeans. Stay tuned! Jim Wyckoff

After a $10 move higher is Crude getting tired? We want to have long exposure for clients but are on the sidelines in oil anticipating a $4/5 break in the next week or so. The 40 day moving average in April comes in just above $78 and the 200 day is seen at $75.50. We have yet to decide on if we will be trading May or June but we should have some ideas in options as well as futures. April natural gas was lower again today having lost almost 60 cents in the last 5 sessions. We finally got the trade below $5 we were looking for. We started buying options for clients today and will be looking to buy futures over the nest few sessions. Today clients were buyers of June $5/5.50 call spreads for $2050/per.

We continue to think this move in equities to be the lull before the storm; we suggest using the sideways action to get short exposure. Clients are scaling into short futures and buying puts. Sugar was not so sweet today; May lost 7% dragging prices back to the 100 day moving average. 23.90 is the 61.8% Fibonacci retracement, if that level holds we would entertain long futures and potentially buying back half of the 30 calls we sold (25/30 1:2 ratio spread).We will have more ideas to follow but one move clients made today to speculate on cotton prices backing off: sold July 90 cent calls and bought July 74 cent puts. The premium paid on the trade was $650/per. On a 4 cent correction in July futures they should be worth $1250-1500/per. Coffee gave back all the previous weeks gains losing 3.75% today. Clients are long and though they had a gtc profit order working we suggest reducing that order to 300 O/B.

Agriculture was higher today with wheat gaining 2.3%, soybeans 1.75% and corn just over 3%. This COULD be the beginning of the next leg higher as they compete for acreage. If forced to pick one grain we prefer corn thinking we have at least another 50 cents on the upside. There was little action in live cattle today but we maintain that April should find an interim top very soon; our target remains 89.00. April gold held the 50 day moving average but closed $15 off its intra-day highs. Without a close above $1128 in the next few sessions we most likely will re-visit $1100. March silver needs to stay above the 200 day moving average or profit taken will ensue; that level is $16. On both metals we would be a buyer of dips but treat this like a trade and do not fall in love. The currency market was uneventful with the exception of the Yen which advanced .60%. The dollar remains in the driver's seat; support is seen at 80.30 followed by 79.80 in March.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Ready, set, start shopping! Yes, we are entering the spring housing season when buyers appear to shop and find homes. Why the sudden rush, well, it is clear that interest rates are not going to go any lower and it is just as clear that interest rates on home mortgages likely will increase in the future. The Federal Reserve has signaled to the markets that the free lunch is over so, those who have been sitting on the sidelines waiting for further declines in home prices will be encouraged to purchase the sought after home and lock in the rates now. Naturally, this will appear as an encouraging sign for the economy. Look for the housing numbers to increase in the next few months. Remember too that some of these purchases will steal from future purchases and that we likely will see an upward blip now, and a slow down later. This the same type of behavior that we saw in car sales during the cash for clunkers promotions. A further government encouragement is the tax breaks for first time purchases and purchases that will expire in April.

The market, as measured by the S&P 500 has been in rally mode for the past six trading session, although the trading session on Friday left a doji like candle on the chart. We would not fault the market if, it decided to take a break from the current rally to allow for some backing and filling. Friday's action left an outside day on the chart. When the bears had the ball they failed when the bulls had it they also failed this leads us to believe that Friday's action was a transition day which could lead to a reversal of direction. It appears that the market took the Fed's hike in the rate as a positive, acknowledging that the economy seems to be expanding. It further appears that the Fed is on watch and trying to extricate itself from the stimulus game, although they have said, at their meeting, that they stand at the ready to do whatever is necessary to prevent an economic implosion. We wonder how they will handle the bankruptcy of the various states here in the USA. Are they going to rescue New York or California, after all, both states are larger and more populated than is Greece.....hum?

Tuesday: February consumer confidence is released at 10:00 and December Case-Shiller home price index for December is released at 9:00. Wednesday: January new single-family home sales are released at 10:00 and January equipment leasing and finance index is released at 10:00. Thursday: January durable goods are released at 8:30, mutual fund sales and redemptions and December house price index is released at 10:00. Friday: 4th quarter GDP is released at 8:30, January existing home sales are released at 10:00, and Chicago purchasing managers' report for February is released at 9:45.

The US Dollar index traveled above the upper Bollinger band, intraday in the Friday session, a moved back inside the band. Actually, the US Dollar index opened on a bullish spike looking a lot like a short-covering rally, and then, when the buyers retreated, the sellers took the lead and leaned on the market bringing it back to the previous day's range. This action illustrates the power of a short-covering rally. It would not surprise us to see the US Dollar index trade down to 79.64 and perhaps 79.085 before starting another rally. The uptrend line is at79.93 for the Monday session and 79.97 for this coming Friday. We are overbought as measured by all the indicators that we follow for the weekly time-frame. The daily time-frame is near overbought levels and pointing higher. The 5-day moving average is at 80.277. The top of the Bollinger band is at 81.179 and the lower edge is seen at 78.253. We are above the Ichimoku clouds for the daily time-frame but remain below the clouds for both the weekly and the monthly time-frame. If we could see the US Dollar index close above 81.53, we will see more shorts scared out of their positions.

The action on Friday in the S&P 500 was a clear rejection of the high and a rejection of the low. It would not surprise us to see the S&P 500 retreat to 1084.16 and even 1075.87. The stochastic indicator, the Thomas DeMark Expert indicator and our own indicator are all overbought. Both our own indicator and the stochastic indicator have just issued a sell-signal. The RSI is going sideways slightly below overbought levels and the Thomas DeMark Expert indicator is doing the same but at overbought levels. The 5-day moving average is at 1085. The top of the Bollinger band is at 1113.07 and the lower edge is seen at 1051.57. Friday was the sixth day up, and the probability of a retreat is likely. We are inside the Ichimoku Clouds on the daily time-frame, above the clouds for the weekly time-frame and below the clouds for the monthly time-frame. We would be very cautious moving forward, so stay nimble.

The NASDAQ 100 also enjoyed a sixth day of a higher close than open in the Friday session. We see signs of exhaustion. The NASDAQ 100 lost 1.50 in the Friday session. The stochastic indicator is issuing a fresh sell-signal as is our own indicator and the Thomas DeMark Expert indicator. The RSI is going sideways near overbought levels. We are inside the Ichimoku clouds for the daily and monthly time-frames but are above the clouds for the weekly time-frame. The 5-day moving average is at 1818.16. The top of the Bollinger band is at 1893.15 and the lower edge is seen at 1673.11. The market looks heavy and could use some time to back and fill or retreat. The Market Profile chart tells us that should the NASDAQ 100 close above 1819.75; it likely will quickly rally to 1841.50.

The Russell 2000 was the best performer in the Friday session. This index close up 2.50 for the day while the S&P 500 closed up 0.70 and the NASDAQ 100 lost 1.50 on the day. The stochastic indicator and the Thomas DeMark Expert indicator are both issuing a sell-signal. Our own indicator looks as though it might issue a sell-signal in the next session. The RSI is sitting at the overbought line going sideways. We do have signs of exhaustion, on this, the sixth day up. The Russell 2000 closed above the Ichimoku Clouds for the daily time-frame and remains above the clouds for the weekly time-frame as well. The 5-day moving average is at 612.62. The top of the Bollinger band is at 633.05 and the lower edge is seen at 583.13. We could see some follow-through buying early in the Monday session but we believe that a rest is warranted now and that we likely will see some backing and filling or a decline in the coming days.

Crude Oil rallied in the Friday session taking it above the upper edge of the Bollinger band and above the Ichimoku Clouds. The stochastic indicator is overbought and continues to point higher. The RSI is pointing higher with plenty of room to the upside. The 5-day moving average is at 76.09. The top of the Bollinger band is at 79.41 and the lower edge is seen at 70.57. We suppose that the Feds recent action inspired the crude oil bulls into believing that the economy is expanding and thus will need more crude oil. We are not entirely sure that the expansion will be as robust as crude oil is forecasting. So far so good, the market looks as though it has further to run to the upside.

Gold is going sideways and is below the Ichimoku Clouds for the daily time-frame. The stochastic indicator is overbought but continues to point higher. The RSI is not overbought and has plenty of room to the upside. The 5-day moving average is at 1101.58. The top of the Bollinger band is at 1133.98 and the lower edge is seen at 1053.29. The chart looks as though the market is consolidating at these levels. The weekly chart looks like there is plenty of room to the upside and that gold is breaking above the downtrend line. We find gold above the Ichimoku clouds for the weekly time-frame. We will remain on the sidelines until gold trades above 1140.30 at which point, we will go long.

An easing of the crisis in Europe gave energy markets a firm tone last week that enabled crude oil futures to gain nearly 8% amid mixed economic news and some concerns about supply.

A strike at French oil refineries lifted prices to a five-week high Friday, with the benchmark West Texas Intermediate finishing the week at $79.81. The French strike threatened to limit U.S. imports of refined products from Europe.

Earlier in the week, the show of solidarity by European Union governments regarding fiscal problems in Greece and other countries in the eurozone, eased concerns about the crisis there and downward pressure on the euro.

A move Thursday by the Federal Reserve to raise the discount rate - the rate it charges banks for emergency loans - did however propel the dollar higher against the euro. News on Friday that the core inflation rate in the U.S. actually fell 0.1% in January - the first decline since 1982 - dispelled worries that the Fed would need to tighten further interest rates to combat inflation and led to a lower dollar on Friday.

The weak consumer price index and another weekly increase in jobless claims provided further evidence that U.S. economic recovery continues to be weak.

The weekly report on oil inventories, coming a day late because of the Monday holiday in the U.S., showed increases in crude oil and gasoline stocks but a bigger-than-expected drop in distillates, which includes heating oil. This news buoyed crude oil prices.

A coup in African oil producer Niger on Thursday added to some supply concerns at the end of the week to support higher crude oil prices.

Hedge funds and other speculative traders sharply increased their net long positions in crude oil futures in the week ending Feb. 16, according to trading data from the Commodity Futures Trading Commission, after having reduced them in the previous week.

Andrew Hall, the head of Phibro, is seeking new investors as he reorganizes his hedge fund operations in the wake of Phibro's move from Citigroup to Occidental Petroleum. Hall, who specializes in energy trading, will manage the new Astenbeck Capital Management, named after a town in Germany where he owns a castle. According to the Financial Times, Astenbeck will take over management of two oil funds previously operating under Phibro's aegis.

Hall was the energy trader who created a controversy while still working for Citi because of his $100 million bonus. The bonus was deemed politically unacceptable while the bank was receiving a taxpayer bailout and led to Citi selling Phibro to Oxy Pete.

By Darrell Delamaide of OilPrice.com who focus on Fossil Fuels, Metals, Crude Oil PricesAlternative Energy and Geopolitics To find out more visit their website at: http://www.oilprice.com

US DEBT REVIEW AND OUTLOOK

US Treasuries fell on Thursday after data suggesting an uptick in inflation and renewed support for the sustainability of the economic recovery placed additional pressure on the long end of the yield curve. In the age old tradition of kicking a man when down, US Treasuries also had to contend with the aftermarket announcement by the Federal Reserve that they would be increasing the US discount rate-the rate that financial institutions can borrow funds from the Federal Reserve. While the quarter point increase was relatively small, it did send some initial shock waves which pressured the short end of the yield curve in particular. This could be an example of sell the rumor- buy the fact though, as the notion that the proposed exit strategy is real and under implementation may boost some confidence in the perceived fiscal responsibility of sovereign institutions. The confidence may be slow in coming though as additional pressure from another $100 billion of Treasury debt coming to market next week is likely to forestall a rally of "In Fed We Trust."

Treasuries may suffer from some additional volatility on Friday as March options on future are set to expire as well. (Perhaps the announcement today had an addition motive-as traders would likely put up some fight to defend support on levels in Treasuries instead of pummeling the markets in the wake of the news.)
Technically, March 30 year futures are likely to continue with a longer term downward bias. Look for setup on the downside at 115-14. Expect a near term upward move to fill in recent gap that should find resistance at 116-25. A break to 117-14 could setup a new lower trading range.

US EQUITY REVIEW AND OUTLOOK

S&P Futures struggled to close near the highs of the session, shrugging of disappointing data regarding inflation pressures and employment. The market took its lead from indications of ongoing recovery in the US economy, particularly in the manufacturing sector, as leading indicators on the second Fed reserve survey of the week suggest steady, potentially sustainable recovery.

Energy and material stocks were among the best performers support by the uptick in recovery sentiment. The technology sector was also a strong performer today, led by expectations of strong earnings from Dell computers and CBS entertainment. Neither of the companies disappointed. Both companies beat expectations.

Equities were thrown for a loop in the aftermarket after the Federal Reserve announced it was increasing the discount rate- removing some of the doubt that the US government is planning to implement an exit strategy from the emergency liquidity provisions implemented to secure credit and mortgage markets.

Technically, March S&P futures broke through a key level of resistance today at 1103.00. This does set up the potential for the market to test the 1108.00 and 1118.00 levels. If there is follow through of downside pressure due to the Fed's action, look for support to set up at 1090.70, with a break of this level setting up a move to retest 1086.00 and 1082.50.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions by email to: rich@binvstgrp.com
Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

So far this week the precious metals have shown extreme resiliency as economic news
globally has tested the patience of the most disciplined traders. The recent global economic data has analysts divide and therefore the markets are seeking an indicator and a direction.

Much of the news this week has been the European Unions dilemma in regards to Greece. It has become apparent that Greece's debt crisis was much worse than originally thought. The Greek budget deficit has affected everything from European Stock Markets, Central banks and certainly devaluing the Euro versus the Dollar. Despite a weaker Euro I believe that global Investors are tired of the fiat currencies
Non stop woes and are flocking to Gold and Silver as a flight to a "safer haven". There is certainly proof there has been a jump in physical demand lately.

The U.S Economy took another punch to the stomach as the U.S Labor Department announced that initial Jobless Claims rose by 31,000....(473,000) This should be priority one!!!!!

Also the IMF announced it would be selling its remaining 191.3 tons of Gold. This pressured the Gold and Silver markets early. I believe investors thought the selling of this massive amount would over whelm the existing demand. But as we have seen over and over the Asian sector has bought every price dip and considers it to be bargain hunting....

We also know the Chinese look to boost their gold Reserves to 10,000 metric tons over the next decade. The remaining IMF Gold would be a good start to that achievement...I believe if a Central Bank purchases any or all of the IMF Gold it will signal a Bull RUN
similar to rally after the central Bank of India purchased 200metric tons. 4 months ago.(rallied almost $180.00)..... The resiliency of the precious metals is real...

Feel free to call...Lets talk Gold !!!

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
312-775-3014

*there is extreme risk trading futures, options, and forex*

March corn futures at the Chicago Board of Trade have seen prices rebound from the early-February low of $3.47 1/2 a bushel. While the bulls have more work to do to suggest a price uptrend can be sustained, there are early technical and seasonal clues that a market low is in place. The Moving Average Convergence Divergence (MACD) indicator overlaid on the daily bar chart for March corn shows that recent price action has produced a bullish line crossover signal, whereby the MACD line has crossed above the "trigger" line of the indicator. Both lines are now trending higher, which is also a bullish clue.

From a seasonal price perspective, the rebound from the February low does begin to suggest that the "February Break" phenomenon has run its course. The February Break in the grains refers to a timeframe in mid-winter when grain futures prices tend to weaken to varying degrees, depending on the year. However, corn futures bulls need to keep their foot on the gas to suggest the fledgling price uptrend from the February low is something more than just a corrective bounce. Producing a weekly high close on Friday would be one technical clue to better suggest a market low is in place in the corn market.

Stay tuned! Jim Wyckoff jim@jimwyckoff.com

We wanted confirmation before taking a stance in crude and with prices convincingly higher today we are thinking the recent shake out may be all the bears get. Today's move carried prices back above the 200 day moving average and at the highs we traded to the 40 day moving average. As long as April can hold above $76 on a closing basis we suggest light long exposure via futures in April or call spreads in June. We've yet to make a move for clients but the June $80/85 is a spread we may be interested in; today the price is $2000...stay tuned. RBOB was higher by 3% today; clients are long June expecting a trade to $2.15/2.20. We are interested in buying May natural gas for clients on a further correction. A trade closer to $5 most likely gets them in the trade.

Indices are back above the 100 day moving average as of the settlement today. As suggested in our commentary this morning we would use the current rally to trade out of longs, establish hedges or for the speculator to get short. Clients started buying June ES 1000 puts today for $1450/per. Softs were higher across the board; on a settlement above 27.30 in May sugar we suggest being long, clients are positioned long May coffee expecting a trade back over $1.40. Similar to the softs Ag's were well bid today; corn, wheat and soybeans were higher by 1.50-3.80%. Aggressive traders should buys dips in May soybeans though we prefer long exposure in May or July soy meal and bullish exposure in May, July and December corn. From these levels we anticipate a move of 15% plus in corn futures...trade accordingly. Cattle were not immune to the bullish sentiment commodity wide today with live cattle gaining 1.50%. The spread was virtually unchanged but clients long April puts lost some value today. We would not deviate from the original strategy and still expect prices to fade in the near future.

Perhaps the most active sector was metals; gold higher by 2.80%, silver by 4.50%, copper 4.50% higher and even palladium and platinum joined the party gaining 3.70% and 2.0% respectively. Silver regained the 200 day moving average, we see this leg carrying prices at least $1 higher maybe $2. We would re-evaluate our positions on a trade back above $18/ounce. April gold had the first close back above the 50 day moving as we suggested in recent blogs and commentaries. Ideally we would get confirmation tomorrow and then we will advise prices for futures entries. As for option plays clients were advised to buy August $1150/1250 call spreads today; paid $2850/per. The US dollar got hit today taking prices back to the 31 day MA; use 79.50 in the March contract as your pivot point. We expect more upside in the next few session in the Cable and will look at selling futures around 1.5950/1.6000 for clients. The Euro-Yen spread picked up $2239/per today. Another day like this and clients will be showing a profit on this trade.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Interest rates will be going higher! No, that is not a question but rather a statement. Just think about it, as states and countries find themselves in budget deficit, they will have to pay more to borrow money because of the slippage in their ratings. This leads to higher interest rates all around as people value risk more carefully. The thought being that if the states and countries have to be bailed out.....oh we forgot, refinanced, that cost will be borne by the larger entity, here in the states, it is the government, in Europe it is member of the European Central Bank. We have seen wealthy countries bail out their poorer, more leveraged relatives, case point Dubai.

Here in the states we, the home owners, find that our real-estate taxes are increasing. House values continue to retreat and yet, we must pay more in real-estate taxes. Why, because we are paying for those neighboring homes that have gone into foreclosure. Crime is on an up-tick. Even on safe streets, we have an increase in break-ins and robberies as the desperate become more desperate and brazen. What is to be done? The world is becoming a less friendly place to work in and to live in.

People today, who are employed, continue to have trouble making their bills. The tax increase felt by the increase in real-estate taxes along with high utility bills and other increases are causing the steady earner to fall behind. Credit card companies, instead of understanding that some money is better that no money on a bill, are recklessly raising the rate that they charge on their cards. We noticed one of our cards charging almost 26%! Naturally, we will be closing that account permanently. You would think the financial wizards that run the credit card companies would understand that higher rates on already stressed balances will likely lead to default which will lead to additional write-downs on their financial statements. Why not reduce interest rates on the cards so that the balance can be paid. It seems like moronic behavior, wonder why people are getting into credit card trouble, look at the way those companies are run. So where is the spending going to come from? Certainly apparel is cheap enough and electronics seem to be cheap as well, but with the current flock of cost increases just to live, who can afford a new outfit or another gadget that you really don't need?

Tuesday: E-commerce sales for 4th quarter are released at 10:00, Kansas City Fed President Hoenig speaks, Minneapolis Fed President Kocherlakota speaks and U.S. credit-card defaults are reported.
Wednesday: January housing starts and building permits are released at 8:30, the minutes of the January FOMC meeting are released at 2:00, and industrial production/ capacity utilization is released at 8:30.
Thursday: January leading indicator index is released at 10:00, PPI is released at 8:30 and February Philadelphia Federal Reserve Survey is released at 10:00.
Friday: CPI is released at 8:30.

The US Dollar index rallied in the Friday session, but was unable to remove the high seen in the February 5th session. Friday marked the third day in which the US Dollar index opened lower than it closed leaving three bullish candles on the chart. It looks, however; as though the US Dollar bulls are a little skittish rejecting the highs as they occur leaving large upside shadows on the chart. The stochastic indicator is overbought and is issuing a buy-signal. Our own indicator and the RSI are both issuing a buy-signal. Only the Thomas DeMark Expert indicator is issuing a sell-signal. The 5-day moving average is at 80.053. The top of the Bollinger band is at 81.109 and the lower edge is seen at 77.368. So long as the US Dollar index remains above 79.65, we will remain bullish the US Dollar index. Looking at the weekly chart, we see signs of exhaustion. On the weekly chart, we have an inside candle for the week. All of our indicators on the weekly chart are issuing a sell-signal. Remember, the run to the upside in the US Dollar index has been pole-like and some backing and filling would be in order and would not be negative longer-term for the US Dollar index. We are above the Ichimoku Clouds for the daily time-frame, but below the clouds for the weekly and the monthly time-frames. The uptrend line on the weekly chart is at 78.68 for next Friday and 78.66 for this coming Monday.

The S&P 500 has been up for three of the past five sessions. The action seen in the Friday session looks as though the bears had the ball, but badly fumbled it letting the bulls run toward the highs of the day, closing near those highs. All of the indicator that we follow herein continue to issue a buy-signal with plenty of room to the upside. The downtrend line for the Monday session is at 1087.73. The uptrend line for the Monday session is at 1060.12 and for the Tuesday session is at 1061.94. We are below the Ichimoku Clouds on the daily chart and the monthly chart, but above the clouds for the weekly time-frame. Both the weekly and the daily indicators are issuing a buy-signal. The 5-day moving average is at 1072.91. The top of the Bollinger band is at 1139.74 and the lower edge is seen at 1038.75. We likely will feel some stiff resistance at 1086 and 1090. It is likely that we will see some continued buying in the indices as the dilemma of Greece is sorted out. Remember, there are others not far behind Greece with ample deficit problems. Here in the USA we need not be too smug, we have California, New York and other states that are in budget deficits that continue in trouble. Meanwhile those troubles some states are being forced to pay more for borrowing as their risk of failure increases. This brings us to wonder why anybody would be satisfied with the yield of the 5 and 10 year treasury securities when there are other alternatives. True the treasuries are safe but are they safe? For now, they are safe.

The NASDAQ 100 closed right near the highs of the day in the Friday session. All the indicators that we follow herein are issuing a continued buy-signal with plenty of room to the upside. The first area of resistance should be seen at 1792. We are in the Ichimoku Clouds for the daily and the monthly time-frames, but are above the clouds for the weekly time-frame. The indicators for the weekly time-frame are about to give a buy-signal. The 5-day moving average is at1758.25. The top of the Bollinger band is at 1880.41 and the lower edge is seen at 1695.93. It looks as though this market wants to rally.

The Russell 2000 was the best performing financial index in the Friday session. Not only did the market turn from a negative day to a positive day, but the index closed very close to the highs of the day. The 5-day moving average is at 599.12. The top of the Bollinger band is at 642.97 and the lower edge is seen at 578.17. We closed just above the 20 day moving average in the Friday session. We are inside the Ichimoku Clouds for the daily time-frame, but above the clouds for the weekly time-frame. The indicators on the daily chart are all pointing higher and beginning to near overbought levels. The weekly indicators are just about to issue a buy-signal. We expect to see some resistance as we rally towards 617.50. We may be setting up for some range bound trading between 648.90 and 578.40.

Crude oil declined in the Friday session leaving a very bearish red candle on the chart. The indicators that we follow are issuing sell-signal from just above the neutral level. We will see a point of inflection on Wednesday. Do not fight that trend, just go with it. We are below the Ichimoku Clouds for the daily time-frame but in the clouds for both the weekly and the monthly time-frames. It is important that crude oil stay above 69.50 or risk a trip to 68.59 and lower. On the other hand, if the market rallies above 78.04, the door will be open to the early 80's. The 5-day moving average is at 74.23. The top of the Bollinger band is at 78.97 and the lower edge is seen at 70.84. The uptrend line is at 72.60 and the downtrend line is at 75.70. The point of inflection will be seen at 74.67.

Gold has a point of inflection on Thursday at 1099.70. The uptrend line is at 1074.45 and the downtrend line is at 1108.55. The indicators are giving us mixed signals and are neither overbought nor oversold. We have a doji candle as a result of the Friday session. Doji's indicate that the market is in transition and could likely change direction. In this case it would be from up to down. We are below the Ichimoku Clouds on the daily time-frame, but are well above the clouds for the weekly and the monthly time-frames. The 5-day moving average is at 1082.81. The top of the Bollinger band is at 1137.52 and the lower edge is seen at 1049.83. This market is going to make a major move by the end of the week so, fasten your seatbelt and go with the move.

Today was a perfect example of a counter-trend Friday. The day's data was relatively mixed but position squaring (short covering) ahead of the long weekend managed a moderate bounce.

The University of Michigan Sentiment was reported at 73.7, a bit lower than the previous and below estimates looking for 75. However retail sales beat the street's expectations with an increase of .5%. I think that we will all agree that actions speak louder than words....and we would rather have consumers spending like they are confident than feeling good but clinching their wallets.

Another positive session for the U.S. dollar index likely helped entice some Treasury buying. Despite the week's lousy auctions, the Treasury market has some underlying support in the form of a "stable by default" currency. However, fundamentals on the currency front seem to be getting near-term shaky. I have doubts that the Euro will be able to drop, and hold, below 135 on this particular move...and the U.S. dollar index should struggle a little above 81.

Going into Thursday, we were looking for the bonds to see the mid-116's and they didn't, but they did get close; after a low of 116'23 the market reversed higher. However, something tells us that bonds and notes haven't seen the intermediate term lows. We see resistance in the 30 year T-bond near 118'07 and feel like the March futures will eventually see the mid 116's. That said, the chart is a bit chaotic and we are going into a 3 day weekend; this leaves us less confident in our analysis than would normally be the case.

If you are trading the note, we see resistance near 118'20 and support at 117'11 and then again at 117'01.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat


Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com
www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

IS there a bubble in China I do not think so as it relates to commodities but expect volatility as they will be absent from the markets next week. Though past performance is not indicative of future results I recall last year big swings and would expect the same this year. All things being equal volatility is already present so just a heads up. As for the markets oil finished lower but pared its losses. Our clients have NO exposure but we will be buying dips in the weeks to come given the opportunity. A trade below $70 should be bought! We like the action natural gas today. In the next 2 weeks we will be looking to gain long exposure in the May contract for clients via options and futures. In years past when natty bottoms in mid-winter we've seen a trade higher into late April (15 out of the last 19 years). Past performance is not indicative of future results. Over the next 2 weeks on a trade between 1090/1100 in the S&P we will be looking to gain short exposure with clients. Most likely by purchasing the June ES 1000 puts.

Mixed bag in the softs today; sugar held the 50 day moving average but on a breach of that level we could see a 2-3 cent drop. We are torn on if clients should be long or short this market so have chosen to stand aside. Clients were advised that did not get long exposure to coffee yesterday to get long May today as we are expecting a trade up above $1.40 in the coming weeks. Soybeans, soy meal and corn held their own today. We feel there is more upside in all 3 products though our favored Ag play is corn as most readers already know. We decided to gain more bearish exposure to live cattle by getting clients shorter today; purchasing April 90 cent put options. We are expecting a trade back to the 20 day moving average at 89.30 relatively quickly.

Silver and gold though down on today's session both finished higher on the week. If the Greece situation straightens itself out next week we should have a clearer picture but at this point we are still waiting for confirmation of an interim bottom. Clients are slightly long May and July silver and are waiting for consecutive closes above the 50 day moving average in April gold at $1095 to be a buyer. In currencies the dollar was higher with all others in the red today; we expect that to be reversed next week. The one exception is the Yen should continue to exhibit an relationship to the stock market. Look at our commentary that will be published next Tuesday for subscribers for more concise support and resistance levels.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

SUMMARY OF UPCOMING DATA 02/12/10
8:30 AM US RETAIL SALES (0.3%, EX AUTO 0.5%)
9:55 AM UNI MICH SURVEY (75.0)
10:00 AM US BUSINESS INVENTORIES (0.2)
10:30 AM EIA INVENTORY # NAT GAS
11:00 AM EIA INVENTORY # CRUDE

DATA RESULTS 02/11/10

US WEEKLY JOBLESS CLAIMS (440 K/470 K)
US 30 YEAR NOTE AUCTION (BID TO COVER 2.36, YIELD 4.376%)

US DEBT REVIEW AND OUTLOOK

US Treasuries quiet drifted lower for a third session after US weekly jobless claims posted a less than expected increase and the results of a record tying US 30 year bond auction disappointed yet again. Higher yields continued to plague the Treasury complex as market participants foresee rate increases coming later this year. Futures contracts on the CBOT show traders see a 22 percent chance the Federal Reserve will lift the target rate by June. This is up from 16 percent in the previous week. The markets appear to be betting on the integration of improving employment numbers and sustainable global revenue growth. And since so little of the influence of zero rates appeared to reach beyond the financial sector (Anyone have a 4 percent credit card?), a rate hike cycle might actually promote confidence in US monetary policy as it would demonstrate a willingness to promote some sense of fiscal responsibility. (I know, what color is the sky in my world?-but hopeless never resuscitated anything.)

Technically, US 30 year bonds moved through support at 117-04 and managed to penetrate a key support level at 116-28. The market should look to fill in the gap with a pullback to 117-26. This level could be a set up for a selling opportunity with the market likely to retest 116-28, with a break of this level possibly setting up a move to 116-18, where another defensive support could be found.

US EQUITY REVIEW AND OUTLOOK

S&P Futures continued their volatile, volatile ways, with the major indices closing at their best levels in two weeks. A better than expected reading on weekly jobless claims gave the markets hope for stabilization for the employment picture in the US, while risk tolerance across the global breathed a cautious sigh of relief as the EU and Greece have come to a limited assurance of support. US weekly jobless claims for the week fell by 43,000, three times the number expected. Continuing claims dropped to 79 K.

Material and energy stocks were among the best performers today, as commodity prices rebounded in the wake of a pullback in the US Dollar. Precious metals were among the best performers. Financials lagged the major gainers after the UK indicated that the leading economies are close to agreeing on a global bank tax. Additional reports of renewed financial regulation strategies in the US also pressured the sector. Markets and risk exposed instruments remain vulnerable as the levels of uncertainty regarding global developments and credit worthiness remain high.

Technically, March S&P's close above 1074.50 suggest continued upside potential to test the 1083.00 level. This point should offer resistance, allowing the market to engage in a pullback to 1065.80.

Prepared by Rich Roscelli & Paul Brittain.
Please voice your market opinions, thoughts and questions to: rich@binvstgrp.com

Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

This week thus far has brought back the glimmer to the gold and silver markets as news
from the European Union has given the precious metals added appeal to investors. Most analysts agree the recent U.S Dollar rally is due more to the weakness of the Euro.
The U.S Stock Futures rallied as European Union Leaders agreed to aid Greece with
their budget deficit crisis. European Union President Herman Von Rompuy stated "Euro area member states will take determined and coordinated action if needed to safeguard financial stability in the Euro area as a whole. We fully support the efforts of the Greek government and their commitment to do whatever is necessary including adopting additional measures"

This action from the European Union will give much needed confidence to the European Banking and Stock markets therefore firming up the Euro versus the Dollar.

The U.S Labor department announced that fewer American than expected filed claims
for unemployment insurance as jobless applications declined from 483,000 to 440,000. This prompted a Labor Department Spokesman to say "The current figures signal a return to a more normal level of claims".

The demand for physical Gold has been insatiable in China as the Chinese New Year Celebration begins this weekend. Gold has become the gift of choice in recent years as their ever growing middle class prefer to purchase tangible assets as "gifts" instead of cash.

As of this post Comex gold is flirting around the $1100.00 level again as the recent European Union decision has heighten the appeal for gold and sent the 'bears "
scrambling as resistance levels have been falling by the wayside.

The U.S Dollar has been benefiting from the Euro weakness the past several months rather than any real strength of its own. Recently the Euro traded at an eight month
low versus the U.S Dollar... The global debt crisis will continue to determine the direction of the both the gold and silver markets. Expect the volatile and choppy markets to continue.

Lets Talk Gold...

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

*there is extreme risk trading futures, options, and forex*

All eyes will be on the US dollar as the risk aversion trade and news whether a bailout will or will not happen out of Europe continues to be the driving force. As noted in our commentary Monday we expect some type of resolution and the flow of money that went into Treasuries and the dollar last week to find its way back to equities and commodities.

Now for the trades: Oil put in an impressive showing today closing virtually 3% higher. We would still suggest waiting for the inventory number this week before committing fresh capital. We should have some new suggestions in the coming sessions. RBOB was higher by 2%; clients are long June call spreads anticipating a trade back near $2.15/2.20. Natural gas could go either way; we will look at longs closer to $5 and shorts closer to $6. In the middle of the range we have NO interest. Indices are rallying; we expect 1084 and then potentially 1100 in the S&P. On that we will be buying clients June 1000 puts. Today's price $1800, we will be working limits for less in the coming days. USDA report was friendly to most agriculture products; as for softs cotton was up the daily limit and OJ a gainer by 2.5%.Clients own no cotton but they are long OJ. They are still looking for a trade up to $1.50 and have gtc profit orders working.

If we get a bailout in Europe expect Treasuries to fall back; we may look at selling NOB spreads in the coming sessions (short 30-yr/long 10-yr).Clients continue to scale into shorts in long dated Euro-dollars. I would've hoped for more out of corn today though prices were still higher on the day. We did not get a bullish reaction from the USDA but in 2 weeks if we get talk of planting delays or 6 weeks from now we get a bullish planting intentions report these levels may not be seen for some time. We like long exposure with a 3-6 month time frame. Clients were advised to take off their April live cattle calls at a profit today and to buy June futures against their April shorts. We expect this trade to play out with a move lower from here (exit April) and then a resumption of the uptrend (long June). On the exit clients made approx. $600 which is about the same amount they are down on their April futures. The difference is they raised cash and lowered their exposure and margin. April lean hogs were unable to penetrate the trend line and closed back below the 20 day moving average. For now sit on your hands.

Silver and gold were higher but we need to see an interim top in the US dollar to feel comfortable adding to client's positions. If gold has consecutive closes back above the 50 day moving average I will reconsider; in April at $1086. Nothing new in silver; clients hold light long exposure. The Euro/Yen cooperated today for a change as clients picked up just over $1800 on their spread. With some luck they will be out of this trade at a profit in the coming 48 hours. A trade to 1.3900 in the Euro or 1.1000 in the Yen is what we would be looking for. The dollar traded below the 20 day MA but closed above; use that level as your pivot point at 79.80.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

March feeder cattle futures on the Chicago Mercantile Exchange have recently seen a strong upside bounce from the February low of $97.10, which has in turn re-established a two-month-old uptrend on the daily bar chart. Prices Tuesday notched a five-month high of $100.15, as of this writing. Bulls have gained fresh near-term technical momentum the past three trading sessions.

Their next upside price objective is producing a close in March feeders above strong chart resistance at the September 2009 high of $101.55. Above that lies strong technical resistance at the contract high of $102.70. Chart support for March feeder cattle is located at Tuesday's low of $99.37, at $99.00 and then at $98.50. Strong trend-line chart support is located at the $97.50 area. Stay tuned! Jim Wyckoff

Crude oil was higher for the first time in 4 sessions but we only gained 70 cents after the $7 route that is not much. It appears that buyers are emerging but we would suggest waiting for the inventory # this week before establishing fresh positions. For now $70 should support and $73 should act as resistance in the March contract. Natural gas reversed to close down almost 2% on the day. Clients are flat though we think lower pricing is likely we wish to have no exposure. Clients are starting to buy June RBOB call spreads anticipating prices to get back above $2.20 in the coming months; we like this trade and clients currently own $2.16/2.28 spreads. We will be looking to sell rallies in the ES and SP for clients; we see resistance at 1069, 1084, 1100.

For the most part softs and ag's were bid up today ahead of tomorrow's USDA report. Sugar closed back above the 50 day moving average but well off its highs today gaining 1.6%. We are still looking for a trade lower and are pricing out May and July calls to purchase if we get a break. On a trade near $1.50 in May OJ we will be looking for an exit on clients longs. Corn a gainer by 1.3%, wheat by 2.25%, soybeans up by 1.75%. Clients are positioned long corn and soybean meal. Continue to scale into short exposure in the Euro-dollar! We are continuing to get mixed signals in live cattle; the fundamentals say lower and the technicals say higher so be careful. Clients are in a delta neutral strategy in April live cattle. April lean hogs are back above the 20 day moving average but failed to get above the trend line. We have no exposure with clients and would suggest giving the trade a few days before making a call on direction.

Silver and gold were slightly higher but we still have yet to be 100% convinced that the selling is over. Clients are lightly long silver and have no gold exposure unless they put the trade on themselves. Clients were advised to go long the Aussie today via June 90 cent calls; today at just under $1400/per. Additionally currency traders are still long the Euro and short the Yen. This trade got a little better today but clients are still under water.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Today was a slow news week, but things pick up a little in the next few days. Traders are awaiting another round of record Treasury auctions as well as Wednesday's Bernanke testimony on "exit strategies". The Fed has made it clear that they will slowly reduce their accommodative policy in regards to lower interest rates before actually hiking the Fed Funds target.

The U.S. dollar ran into some selling pressure and that worked against the Treasury bulls. It seems as though the positive correlation between the domestic currency and government backed fixed income securities is becoming a little more obvious. Although there is some room for error, we are looking for the near-term direction in both assets to be lower.

Bulls and bears will battle tomorrow over the significance of market supply and safe haven buying and the auction results could be the deciding factor. We are approaching the week with a "sell on rallies" mentality but caution that the absolute highs might not be in. We see some risk (based on the week's events) of a run in the long bond to the 120 area but at such levels we would be bears. In the meantime, support in the March T-bond lies at 118. If you are trading the 10-year note, look for resistance at 119 and then again at 119'20. However, we favor a pullback to support near 117'20.

The five year note could see 117'18 should things get out of hand in equities, but if these levels are seen they should be a good place to be bearish.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.
Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

After starting the week on a firmer note, oil prices fell sharply toward the end of the week in a general market sell-off as investors sought the dollar as a safe haven amid worries about European Union economies.

Debt problems that have plagued Greece are now spreading to Portugal and Spain, driving the euro down temporarily below $1.36 and bringing the dollar to an 8-month high. Because oil and other commodities are priced in dollars, gains in the U.S. currency usually translate into declines in oil prices.

Even a decline in the U.S. jobless rate below 10% on Friday could not stop the downward trend in commodities.

Some analysts were predicting that crude oil futures, which crashed through the longtime support level of $72 dollars a barrel to dip briefly below $70 for West Texas Intermediate in Friday afternoon trading, were sliding downward into a new trading range of $65 to $72 a barrel, after oscillating between $72 and $80 the past several weeks. Crude oil, which settled just above $71 a barrel on Friday, has dropped nearly 15% since hitting its 15-month high just above $83 on Jan. 6.

Energy news also depressed prices. Crude oil inventories in the U.S. rose 2.3 million barrels in the week, several times what economists had been expecting. In Asia, China is importing more crude than it needs, analysts said, apparently with intention of exporting more refined products, which would weigh on the global market.

Earlier in the week, positive manufacturing data from several economies had driven up energy prices to above $77 a barrel as market participants saw signs of stronger economic recovery. But that gave way to the concerns about a debt contagion in Europe and the impact of austerity measures to bring debt under control.

The new scramble into the dollar as a safe haven was evident in the sharp drop in gold prices, which fell more than 4% on Thursday, and fell further on Friday to about $1,050 an ounce. Gold had risen in the past few months as a safe haven from the dollar.

Now cash - dollar cash - seems to be the preferred safe haven for many investors. The Dow Jones Industrial Average, which spent most of the day well below 10,000, recovered in a late rally to close above that threshold with a small gain.

By Darrell Delamaide for OilPrice.com who focus on Fossil Fuels, Alternative Energy, Metals, Crude Oil Price and Geopolitics To find out more visit their website at: http://www.oilprice.com

Crude will close down about $1.50 on the day and about $6 off its highs intra week highs. The fact that prices did not break down and heavy buying came in below $70/barrel this correction may be close to over. Clients are still holding their May call spreads and are under water but we expect this trade to be profitable. We have NO opinion here until the dust settles. We have no long or short exposure in natural gas with clients.

We started to buy June RBOB call spreads this week and will most likely be adding to this position in the coming weeks. We expect to see a rally in Indices to start next week. That being said we're not saying to get long but rather to use this rally to exit positions or to sell; ideally we get a window of 1105/1115 in the ES and SP to sell. Softs were crushed today with cocoa losing 3.8%, sugar down by 5.3%, cotton by 3.4%, OJ by 2.4% and coffee by 2%. Sugar closed just below the 50 day moving average; we are pricing out July bullish plays but have yet to make a move. Prices are down 13% just this week but remember prices were at a 29 year high so there could be more downside...stay tuned.

We suggested a buy in cotton if we saw a drop which we have seen but re-evaluating we think it is possible to fill the downside gap from October which would take prices about 3 cents lower so hold off for now. As Treasuries make their way closer to 121′00 in the March contract we are more interested in gaining short exposure for clients; at the moment we are flat. We misspoke about the USDA report; it is next Tuesday not Monday. Clients are lightly long May soy meal and hold calls in May and July corn. As for the December corn futures clients are long and have bought March puts for protection into the USDA report. The delta neutral strategy is allowing us to stay about even in the live cattle even with prices moving higher; clients are short April futures and Long (3) April 92 calls. Originally the trade was expecting to see prices down in the short term and higher in the medium to longer term. The 100 day moving average held today in April gold but to determine if the bleeding is over will be up to the dollar next week. We think it is aggressive but after the near $85 break in prices one could wade back in futures lightly. We see support in April at $1140 followed by $1125. The $14.75/14.90 level is a buy in March silver in our opinion, today's low was $14.65.

Traders may need to risk down close to $14 so trade accordingly. We still prefer $2 call spreads in May or out rights in July. Today some clients bought $18 July calls for just over $2000/per. We think a trade back over $20/ounce in 2010 is likely so buying at these levels though painstaking in the short run could prove to be very profitable. The Euro/yen trade hit clients a little today but we think the worse is behind them. We will treat this as 2 different trades and on rally above 1.38 exit the Euro next week. Over the weekend if we get rhetoric out of Euro-zone DO NOT rule out a quick trade to 1.39/1.40.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

This week in the precious metals has seen a vast range in both the Gold and Silver markets due to the recent data that has produced mammoth swings regarding the U.S Dollar internationally. This week we have seen: April Gold trade a high of $1026.40 on 2/3 and as low as $1059.00 on 2/4 (GLOBEX) while Silver traded $16.95 on 2/3 and as low as $15.30 on 2/4.

The recent sell-off was of avalanche proportion caused by the overall global uncertainty.
The Euro traded a seven month low versus The U.S Dollar as the European Central Bank announced it would keep its interest rates unchanged at 1%. The list of European
countries disclosing there budget deficit crises seems to be ever growing. Portugal, Greece, Spain and most recently Ireland has been added to the list of European Union countries in trouble. ECB Chief Jean-Claude Trichet predicted "high public debt and deficit would place additional burdens on monetary policy" and "many members will have large, sharply rising fiscal imbalances".

Crude Oil fell more than $4 a barrel (at one point) as rising Crude Oil inventories and this week higher unemployment numbers have weakened the demand for Gold as investors tend to buy Gold as a hedge for Crude Oil- led inflation.

Meanwhile the Asian market has not curbed its physical bullion buying especially as the Chinese New Year celebration is but a week away. The ever growing middle-class of China has certainly been bitten by the Gold Bug and is buying Gold as a tangible hedge to protect their new found wealth. During the Chinese New year celebration the giving of gifts are tradition. Gold has become a gift of choice.

Mike Daly /Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-563-8029
312-775-3014

*there is extreme risk in trading futures,options, and forex*

Crude was down 5% today which hurts being we've let a wining trade become a loser for clients. They are out of all their futures with no damage done but still hold May $7 call spreads. Relatively speaking we are only back to levels from 4 days ago but the path we took here is why I'm concerned. On a $2 bounce in the futures they should be able to get back to cost. We advised clients to go flat on all their natural gas. We used the near 10 cent correction in RBOB today to buy; clients are long 12 cent call spreads in June.

We used a day like today to buy because premiums were hit hard. The rally we were looking to sell never materialized and with Indices making new lows into the close we may miss the trade on futures. We will have an option strategy in coming sessions but no doubt the trend is DOWN. We highly suggest lightening up on your equity exposure or implementing hedging strategies. From zero to hero in 3 days in the sugar calendar spreads (short March/ long July) as we exited today for clients at a profit of just over $500/per after being down $1600 just a few sessions ago. On a further retracement in sugar we will be looking to get outright long. In March the 50 day moving average and 50% Fibonacci retracement comes in at about 26 cents; about 5.5% from the current levels. We may not wait for $1.50 on the May OJ if we can get a smaller profit for clients tomorrow we are going to cash. As long as there are sovereign debt concerns

Treasuries will move higher! At the moment we are not trading 30-yr bonds or 10-yr notes for clients but we are anxious to get short if prices are bid up in the coming sessions. Use the rally in Euro-dollars to scale into shorts. Even in the face of a global sell off Agriculture gained on the day. We maintain bullish exposure in soy meal and corn for clients after taking a small loss in soybeans. We suggest light long exposure in corn into Monday's USDA report. A $200 profit did not seem worth it when we exited clients June gold spreads yesterday but we are thankful we did after today's action. Clients futures were stopped at $1105/1107 and current prices are $1065...thank you stop loss.

On April gold we see the next stop $1025/1040. Silver was lower by 6.5% today; $14.75 would be a 61.8% Fibonacci retracement. Buying futures blindly is not wise unless you have plenty of margin or you're using stop losses. We suggest May and even July option exposure. Today some clients bought May $17/19 call spreads and July $20 calls. The dollar is at a 5 month high but as we suggested in our commentary Monday we think that this move is nearing an end and would expect a sideways 77/80 range moving forward. We are sorry to say we got back in the Euro-Yen spread with clients and took some serious heat today. On a rally to 1.3825/1.3850 in the Euro-currency we will leg out. As for the Yen as things worsened intra-day we suggested clients to buy June 111/118 call spreads against their March shorts. This trade is volatile and unless you can swallow heavy swings it is not for you.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

US DEBT REVIEW AND OUTLOOK

US TREASURIES gave up recent gains on Wednesday as the complex broke through a number of near term support levels, moving to challenge the breakout downside of its range. US fixed income came under pressure after the ADP report on job losses (gains) in the private sector showed continued slowing in the pace of jobs lost. The data set the tone for Treasuries throughout the session; as traders took the report as a possible sign of better readings from Friday's US government data on payrolls and unemployment. Weaker than expected readings on growth in the services sector by the Institute for Supply Management failed to slow the fall in Treasury futures prices.
Expectations are for the markets to remain in a tight technical range ahead of Friday's data. The March contract could take an attempt to test 116-24 between now and Friday. Initial support for the contract should be found at this level. Retracement range for 30 years to the upside should find resistance at 117-23 and 117-28, as a narrowing channel pattern is likely to form.

US EQUITY REVIEW AND OUTLOOK

Stocks posted a mixed session on Wednesday, with the S&P 500 posting the worst record of the 3 major indices. NASDAQ futures actually posted strong gains today as value hunters came in to pick up perceived bargains in large cap tech stocks ahead of strong earnings numbers from Cisco. The bellwether for IT networking did post better than expected numbers after the market closed, though markets appeared to have factored that in already.

Negative sentiment on equities held through the broad market after a slightly weaker reading on the services industry was reported and traders looked to take some gains off the table after the two session rally off support levels in the major market indices. The markets traded in a relatively narrow range ahead of Friday's US employment data. Earnings continue to outperform most analyst expectations. However a breakout based on these numbers appears unlikely as traders continued to develop the mindset that the easy money has been made and the next catalyst to drive gains in stocks remains uncertain.

Technically, March S&P futures continue to work out its new range parameters. Resistance levels remain in place at 1103.00 and 1108.00. A close above these levels will set up possibility for run at 1118.00. Support remains in place at 1087.80, with a break of this level setting up retest of 1082.00.

Prepared by Rich Roscelli & Paul Brittain.
Please voice you market opinions, thoughts and questions: email to rich@binvstgrp.com Additional Information can be found at www.whitehallvegas.com

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

March soybean oil futures at the Chicago Board of Trade on Tuesday popped to a fresh two-week high and gained over 100 points on the day. Short covering, or the buying back of previously sold positions, and fresh speculative bargain-hunting buying were featured. Bullishly postured "outside markets" also supported buying interest in soybean oil Tuesday, as crude oil futures prices were sharply higher and the U.S. dollar index was weaker. The bean oil bulls did gain a bit of fresh near-term technical momentum on Tuesday. The very short-term moving averages (4-day and 9-day) did produce a bullish line crossover signal on the daily chart for March soybean oil, as the 4-day crossed above the 9-day moving average.

A very steep downtrend line drawn from the January high has also been negated in March soybean oil. However, the soybean oil bulls need to show that technically important follow-through buying strength yet this week to begin to suggest that a market low is in place. Strong overhead technical resistance for March soybean oil is located at 38.00 cents. Strong technical support is located at this week's low of 35.80 cents. Stay tuned! Jim Wyckoff

It was a slow news day but traders appear to be preparing for the plethora of data that will be released in the coming days. Accordingly, today's range trade could be a precursor for a much larger move in Treasuries as the coveted employment report approaches.

Pending home sales were up 1% to meet analyst expectations. The news came as a relief following the previous month's drop of 16%. However, there is concern that the sales were borrowed from the future courtesy of the government home buyer incentives.

We were getting (unconfirmed) chatter of heavy call buying in the Bund (Europe's benchmark government security). One trade in particular involved the purchase of 22,000 of the March Bund 25 calls by "paper" (speculator). Goldman Sachs on the other hand was rumored to be selling VIX puts in large quantities. Assuming that this information is true, it suggests that there is a great deal of nervousness behind the recent equity recovery and pause in the Treasury rally.

The charts and fundamentals are mixed, so we will refrain from making any bold calls for now. We see some minor resistance in the long bond near 119'19, but a break (and hold) above this important level suggests a rally to the 120 area. If you are trading notes, be prepared for a possible up move to 118'23ish.

*Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

January 20 - Our clients were recommended to sell call options this morning against the rally. Specifically, we like the idea of being short the March 30-year bond 121 calls. Fills were being reported anywhere from 23 to 26 ticks or $395 - $406.
· February 1 - We recommended buying back this option for 11 or 12 ticks, fills came in accordingly and locked in a profit ranging from 11 to 15 ticks per contract minus commissions and fees.

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com
www.CommodityOptionstheBook.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Energies caught fire today and finally started to trade the way we've been forecasting in recent sessions. Crude closed 2.5% higher on the day; if March can close above $75/barrel in the next few days that should confirm an interim bottom. Clients are positioned in May call spreads to take advantage. Natural gas was a gainer by 5.5%; as we published in our commentary this morning we're suggesting light long exposure in March futures with stops below last weeks' lows and April 75 cent call spreads. Weather permitting we could get a test of $6 next week. We would wait for more of a bounce and sell Indices; ideally the ES & SP allows a sale between 1105/1115 area in the March contract. OJ prices regained their footing today higher by 1 penny; clients remain long via May back ratio spreads.

Another $50-75 lower in cocoa we suggest taking profits on shorts. If in fact sugar can correct the calendar spreads (long July/short March) should allow traders whom stuck with this trade to book a profit; the spread picked up $571.10/per today. Treasuries remain range bound; we suggest the sidelines here for now. Continue to scale into shorts in Euro-dollars in 2011 contracts. Clients continue to accumulate May and July calls in corn and December futures ahead of the upcoming USDA reports. Still looking for lower pricing in live cattle to re-establish longs for clients. Now that the 20 day moving average was busted in lean hogs we would refrain from trying to get long; next support is seen at 64.80 and then 62.60 in the April contract.

The dollar could be making an interim top. A number of Central banks meet on rates this week so stay alert. At the moment we have no new suggestions but as the week progresses we will..stay tuned. Silver is back above the 100 day moving average gaining 3% on the day. We will be looking to add to clients longs on more upside. April gold is back above the 50 day moving average and similarly if the recent lows hold we would suggest adding to your longs.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.