If in a profit or at a loss and not 100% committed to trades we opted to take profits and losses for clients today and raise some cash as we except fireworks as a consequence of the Jackson hole outing. Crude advanced 2% today closing higher for the third consecutive session back above the 9 day MA. Consecutive settlement above that level; at $85.55 should confirm a bottom is in and we proceed north from here. We are suggesting moderately bullish exposure and have a near term target of $92/93 on the October contract. Both RBOB and heating oil are on the verge of breaking above previous resistance as well. As of this post natural gas is higher by 2.5% forming a bullish engulfing candle in today's session. We maintain our buy mentality under $4 thinking we could see $4.25 and eventually $4.50 in the coming weeks.

Stocks are on the move higher as we anticipated with the S&P gaining 3.25% and the Dow 2.75% as of this post. We expect a trade up to last week's highs in fairly quick order. That would be approximately an additional 50 points in the S&P and 350 points in the Dow...trade accordingly. As of this post gold if lower by 3.3% and nearly $90/ounce from its highs overnight. This could be the start of the correction we've been calling for. From here retracement levels to consider in the December gold futures: $1740, 1690, 1645. We have been trading put options for aggressive clients trying to position for this move...in reality we are likely 1/3 - 1/2 way complete on the correction we've been looking for...trade accordingly. Silver gave up 3.4% and if the bears were to take contract even temporarily expect a sharp trade back under $39/ounce. Clients are slightly under water on their Loonie longs and Yen shorts but stay the course for now. Our targets in the September futures are 1.0250 and 1.2800 respectively.

OJ got hit a little today losing 1.5%...clients remain long. They will likely miss the cocoa trade as the move is happening we forecast but we failed to act as we were in cotton and OJ at the time we got a buy signal. Coffee shorts remain on our radar but we've yet to make a move...stay tuned. Both the long end and short end appear to be rolling over as traders could be short Euro-dollars, 2-yr, 5-yr, 10-yr, 30-yr instruments. You get the point regardless of the duration technicals indicate a trade lower as long as a new high is not made. Agriculture is trading higher without our clients..we may have miscalculated the timing of a pullback but we do not wish to be long at these levels so we will be on the sidelines with clients until the markets come to us. We took a very small loss on lean hog longs for clients today as we did not like the action. After the dust settles next week we will re-explore positions in the livestock sector. Likely bullish positions in hogs and cattle but stay tuned as things may change.

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

The pause in stocks and commodities today appears to me like they are just catching a breath before their coming leg higher. Today's' inventory report was far from bullish but Crude held onto gains trading intra-day above $88/barrel for the first time in two weeks. We maintain our bullish stance thinking prices will make their way to $93/94 in the coming weeks...trade accordingly. That does not mean we will not see violent $3-4 corrections but on a closing basis we expect the 9 day MA to support; in September at $84.85. Natural gas is back and forth in a 30 cent trading range and at today's close prices are near the bottom of that range...we have suggested long exposure thinking a trade above $4.50 in the coming months.

We feel gold is still too frothy and we have advised clients to restrain from purchases until we get a break. We are not bearish we just choose not be bullish...there is a BIG difference. With a settlement above $40/ounce we've advised some aggressive clients to gain bullish exposure in December silver. We opted to go with 1:2 December ratio spreads to potentially capitalize on a move to $42/42.50 in the coming weeks...trade accordingly. Book a profit on any remaining shorts in the Swissie and as for the Loonie we remain long with most clients but without a higher trade in stocks in the next few sessions we may advise clients to move to the sidelines...stay tuned.

Cotton traded up limit most of the day closing higher by just shy of 4%. We advised clients to book profits on their longs. On a 2.5-4% depreciation we would likely look to re-establish bullish exposure...trade accordingly. Some clients remain long OJ as prices have advanced for five sessions now. We anticipate another 5% appreciation from current levels. Now that we are out of most of our cotton with clients we will be looking to buy a dip in either December 2011 or March 2012 cocoa...look for trade ideas in the coming sessions. Soybeans and soybean oil are still looking like we could see higher ground with a 1.25% appreciation in both products today.

Corn has faltered after making a contract high today closing in the red albeit marginally. The real red flag to me is listening to the radio on the way to work there was talk of corn prices moving higher and then on the front page of the WSJ today an article on corn. Maize has likely hit an interim top as the media rarely gets it right on when to allocate to certain commodities. We have a small bearish trade on with clients expecting a trade 4-6% lower. Live cattle and lean hogs rolled over today...we will be looking to fade rallies as we anticipate both trade lower . We see another 3% from current levels in both pigs and cows.

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

No movement was truly notable to report with muted action commodity wide. Inside day in Crude with mixed signals as prices were unable to make a new high but we did hold the 9 day MA so tomorrow the market should make a decision based on the inventory report. We suspect a trade over $88 signals a return to $92 while a trade under $84.75 signals a visit back to the lower $80′s. We favor the move higher and have advised clients to have bullish exposure in October or November contracts. Natural gas lost just over 2% today returning to near the lows from one week ago. Under $4 remains a buy as we do not suspect prices will be at these depressed levels for much longer.

Stocks stalled today failing to make headway for the first time in four sessions. We're expecting an additional 3-5% push higher from current levels...trade accordingly. Gold picked up 1.75% today recouping most of the previous week's losses...you cannot hold a good thing down apparently. I don't trust gold at these levels as we will patiently wait for a break or miss a further acceleration. Silver gained for the third consecutive session trading back above $40/ounce. We got a buy signal but failed to act with clients as we view the risks too great. That being said a close above $40 should signal a trade back near at least $42 this week or next.

The Swissie remains a sell and the Loonie a buy in the currency complex. Cocoa was added to our buy list to join cotton and OJ in the softs sector. Cotton penetrated the trend line that has capped rallies for the last three months. On follow through we see little resistance for an additional 5-7%. Corn picked up 1% today lifting prices to contract highs but we're suggesting using this strength to establish bearish positions to capitalize on a trade lower in the immediate future. Live stock remains a wildcard so we've opted to wait for further signals in live cattle and lean hogs before issuing any trade recommendations.

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

The VIX, a measure of volatility is at extremes so we should see things calm down in the coming sessions. Volatility likely will not disappear but rather decrease is our thought. As of this post Crude is higher by 3.5% and nearly $7 off its lows from yesterday. We have advised clients to scale into longs expecting a massive bounce and today's inventory report was bullish as well so there are both technical and fundamental reasons to be bullish from here. A 50% Fibonacci retracement lifts the front month back near $90/barrel...trade accordingly. Natural gas traded above but settled just below the 9 day MA FYI. To me this is one of the best looking charts in the entire commodity complex and accordingly we've advised clients to be bullish October.

Equities are down just shy of 4% today but that will likely be a lot different by settlement. The bottom line we expect a sizable bounce... we prefer to look from the side lines and be a seller from higher levels. Near 11700/11800 in the Dow and 1235/1245 in the S&P. The path of least resistance remains up in gold with a print above $1800/ounce but we missed this last leg with clients and have no interest until we get a sizable correction...at least 5-7%. Until silver breaks above $40 or below $37 it is tough to say where we go in the immediate future. We would like to be long closer to $35/ounce and at this time have no long or short exposure with clients. The Loonie remains a buy and the Swissie a sell. The only way we would play the franc is with options though as yesterdays 8% spike scared us enough to not trade futures in this instrument right now.

OJ closed down limit today continuing to move south after we left the trade...another case of leaving money on the table but remind yourself a profit is a profit...I do every day. Prices have lost 20% in less than two weeks and now we're getting close to shopping longs for clients...stay tuned. Clients have started to nibble in cotton again ahead of tomorrow's USDA. We've suggested bullish exposure in March contacts with a target of $1.10/1.50. Corn and soybeans were flat while wheat caught a bid ahead of tomorrow's USDA. Some clients have light long exposure in November soybeans. The other trade on our radar though we have not acted is a spread trade; buying wheat and selling corn...stay tuned. Lean hogs continued their route closing down now for seven straight sessions. Today we completed a 61.8% Fibonacci retracement. We currently have no client exposure.

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

At least in Vegas you get free drinks and maybe some comps...this market is a kin to gambling so be cautious. A $7 trading range in Crude oil today takes prices dangerously close to $75/barrel a level not seen in fifteen months. We still say we see $95 before $75 but we may end up with egg on our face as September futures got within 71 cents overnight. Aggressive clients have been buying this correction and it has been tough having any bullish conviction but keeping your position size small should prevent sleepless nights. Natural gas remains a screaming buy as we should see a 7-10% appreciation from current levels. Our suggestion remains long exposure in October via options and futures. A 100 point range in the S&P and 800 point range in the Dow...they say timing is everything. A bullish engulfing candle and key reversal on good volume should signal the start of the bounce were looking for in the indices. We expect 11700/11800 in the Dow and 1235/1245 in the S&P in coming weeks.

Gold is exhibiting signs of a top closing well off its highs in recent sessions. We have left numerous dollars on the table not be long with clients but we refuse to be long when the correction happens as they always do. Most clients are on the sidelines here but do not rule out a $100-150 correction any day now...trade accordingly. Silver trades lower again today trading below the 50 day MA for the first time in four weeks. We feel there could be further downside but have advised clients to book profits on their shorts and look to be a buyer near $35/ounce if given the opportunity.

The forex market is insane and unless you will be glued to a screen look elsewhere. We have advised clients to be long the Loonie and also used the 8% advance in the Swissie to get short today via bear put spreads. Do we think the run is over who knows? We're just expecting a retracement as prices have advanced 20% in the last month with very little correction. In the softs sector lumber remains on our radar as a buyer...nothing else jumps out at me...stay tuned. A major short squeeze took place in Treasuries but still no signs of a top. Our clients Euro-dollar shorts are getting hit be we will stay the course for now. Corn and wheat finished higher today while soybeans finished lower...wouldn't you know we're long soybeans with some clients and on the sidelines in the others. We still like the trade and have exposure in November with a target of $13.60.

Clients were advised to book profits on their Lena hogs shorts and move to the sidelines in this entire complex; that means cattle and pigs.

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

When a portion of your portfolio is diversified into commodities on days like today there should be no need to panic. Crude traded to a nine month low today dragging prices very close the $80/barrel mark. It's been painful but we highly doubt a 20% reduction is justified. The pundits say it is demand destruction but the reality is investors are raising cash, covering margins and the baby is getting thrown out with the bath water. Crude, the distillates and natural gas are a buy in my opinion. It has been a tough trade but scale in as we expect a sharp correction very soon. I cannot stress enough this is my opinion, do your own homework and if you disagree that is fine...that is what makes a market. We feel oil could see $95 before it sees $75. Natural gas remains over sold but at these price points it may be one of the best buys in commodities...again my opinion.

Our suggestion is to gain bullish exposure in October contracts. Black swan, white sheep, pink flamingo call it what you want the Credit downgrade by S&P has the stock market on its heels . We should see a bounce at some point but I am hearing whispers of 2008 revisited so maybe a better trade is the sidelines as opposed to picking a bottom. Some aggressive clients have light exposure in September ES puts but need serious help. FYI a 50% Fibonacci retracement lifts September back to 1230/1235 so anything is possible. Gold gained 4% today trading ever closer to $1800/ounce. It makes me nervous when gold outpaces silver by a ratio of nearly 2:1. We have no exposure and still think a correction is due but I am besides myself missing this move for clients. To me though being on the sidelines in gold is far better than being in the stock market...it could be worse.

The commodity currencies were hit the hardest today with the Aussie lower by 2.6%, the Kiwi giving up 2.6% and the Loonie down by 1.4%. We would book profits in all shorts in the aforementioned crosses and have advised clients to start scaling into longs in the Loonie. The suggestion is to get long here at five month lows just looking for a bounce to 1.0300. Sugar traded below the 50 day MA today for the first time in three months. We may get a rally that we would look to sell for clients...trade accordingly. Most of our clients took their shorts off in recent sessions. OJ gave up another 5% today making it nearly 15% in the last five sessions. Clients with bearish positions were advised to book profits on their shorts. We've yet to make a move but lumber is on or radar as a potential buy with prices down 20% in the last month...stay tuned.

A new high in Treasuries as investors would rather get a minute yield than lose money...how long will this continue is anyone's guess. Avoid bearish plays until the circumstances change. This could happen on some sort of global intervention of verbiage from the FOMC tomorrow...stay tuned. Corn gave up 2.5%, soybeans 1.8% and wheat the biggest loser at 3.7%. All three may trade lower but being were holding around the 200 day MA we've advised aggressive clients to start scaling into November soybeans. Our suggestion was to purchase $1 bull call spreads. Lean hogs lost 1.7% today closing back under the 20 day MA. On a further break tomorrow we will be looking to offset clients shorts at a profit. We would likely look for an exit door in October closer to 88/88.50.

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

At 33 years old I should not have heart palpitations but this market can do it to the best of us. While most of you were sleeping Crude oil traded at a nine month low under $83/barrel but as of this post prices are $5 off that level closing positive in today's session to end the week. The $15 decline we feel is far too over done so we've advised traders to use this retracement to be a buyer in October contracts. Being RBOB has dropped 40 cents and heating oil 30 cents we via as a temporary setback. Our suggestion for hedgers is to roll their hedges down and to make sure they have some Fall coverage because we could easily do an about face and start heading north again. Under 44 we like being long period. A 15% dip in natural gas came in three weeks but give it two month and we expect to get all of it back and some. We've recommended long exposure in October via futures and options.

Stocks got hit hard this week and have lost roughly 10% in the last two weeks but as we said yesterday we expect a relief rally from here. Looking at the weekly charts of the indices we were able to hold the 100 and 200 day MA's and aggressive traders should position for a 3-5% bounce...trade accordingly. Our favored play is options in the ES. Gold may have reached an interim top but it clearly did not see the corrective action silver experienced as prices appear to close the week out just $20/ounce off record highs. On a settlement below the 9 day MA, in December at $1638 we would be more apt to expect a larger correction. Silver will close out the week 7% off its highs and our first two targets have been reached. If we make a new low which we think is feasible next week we could see $36.65 in September. With aggressive clients we are still in sell rallies mode.

The dollar gave up most of yesterday's gains closing back under the 20 day MA. We're in love with nothing in this sector but after the nickel drop in the Loonie we may reverse and be a buyer for some clients...stay tuned. Cocoa is over sold after the 8% drop in recent weeks, if the dollar does heads south we will likely look to gain long exposure here...trade accordingly. Sugar has closed lower the last 11sessions losing just over 12%. If prices break the 50 day MA look for the selling to intensify; this level is just under 27 cents in October. We've recommended clients to book profits on their shorts. OJ gave up nearly 5% today and has come off 10% in the last three sessions. Se previous short recommendations and targets. Is it possible? Say it is not so a key reversal in the Treasury market on today's jobs number. We like the risk/reward dynamic better on the short end of the curve in Euro-dollars but on continued weakness next week we may re-establish shorts in the long end...stay tuned.

As of yet clients shave yet to buy back into Agriculture as we would like to see a break into next week...stay tuned. We did not move on the signal but we did get a buy signal in live cattle today...consider this a heads up. Lean hogs held up well this week all things considered but we are suggesting bearish exposure thinking a break is just around the bend. Our objective is the 50 day MA in October at 88.90.

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

Do not be a hero as this market will take no prisoners....long or short it does not matter...cash is king and keep your size small. Clearly we were wrong on Crude holding the lows from June with prices down nearly 6% today trading to a nine month low. We see the next significant support $3 lower so fasten your seat belts. Most clients with long exposure thankfully have small size and have opted to get short different months or use options to weather extended downside. The near 15% decline in the last two weeks in our opinion is far too much but the market feels different. I like Goldman Sachs believes we could see prices back over $110/barrel in three months but what the next two seeks brings I cannot be so sure. Natural gas traded to a fresh contract low but being we are so over sold we will remain in our clients longs thinking we could see a 7-10% bounce in the coming months. Our suggestion is be in October to give the trade some time.

A near 5% drop today and nearly 15% decline in recent weeks in the stock market has been brutal for stock investors. Another reason why we feel investors need to have a portion of their portfolios in commodities. Our timing was horrid getting in ES bull call spreads with some clients but we will try to manage the trade thinking we could get a relief bounce from here. We advised clients to buy back their top leg (1325 calls and hold the 1275 calls.) Gold will close down nearly $10/ounce but the real story is $35 off its highs. This MAY be day one of the correction we've been looking for...stay tuned. Silver dropped substantially more trading down nearly 8% as of this post below the 20 day Ma for the first time in one month. Next support is seen in September at $37.60 followed by $36.50. Bullish engulfing candle in the dollar lifted prices to two week highs. The greenback MAY continue to be a flight to quality and if so 77.00 is attainable...trade accordingly.

The commodity currencies including the Loonie, Aussie and Kiwi will be the weak performers as long as commodities are correcting. The BOJ intervened overnight as the Yen will be in sell rally mode moving forward. The ECB left rates at 1.50% and the Euro rolled over ...sell rallies here as well. Sugar hit our second target and stalled so we advised clients to book their profits in their March shorts. A 50% Fibonacci retracement is complete. OJ gave up nearly 4% today as prices are making their way lower as predicted...see previous posts. Treasuries have moved up again as the flight to quality play is alive and well. The higher they get the better shorting opportunity but not yet! Let agriculture continue to move lower as next week we should be able to be a buyer across the board at lower levels. Our interest lies mostly in corn and soybeans. We like gaining bearish exposure in lean hogs thinking that resistance will cap rallies and we will see prices down 5% in the coming weeks.

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

It is evident by the market fluctuations that investors are not excited about the current economic conditions. This in my opinion is just and as far as I see these wild swings are not going to end in the immediate future so tread lightly. Oil is down nearly 9% in the last seven days but as we said yesterday as we approach the levels we bounced off in June we see value here. We've advised clients to lightly scale into October contracts thinking we have sold off too aggressively of late. It is apparent that the downward pressure in the products (RBOB and heating oil ) are spilling over into Crude oil. We could see another 10 cent decline in the products which would likely equate to a $2 drop in Crude...trade accordingly. Natural gas dropped 1.5% today dragging prices near six month lows. We like getting long October via futures and or options depending on your risk tolerance.

A near 30 point trading range in the S&P and 200 in the Dow is not settling for traders but the reality is in our opinion the panic will subside and we bounce from here. Remember it is always darkest before dawn and this recent route has been one of the ugliest in years. Traders in the S&P should have an upside target of 1305/1310. Gold hits another record high nearing $1700/ounce but in recent days the upward momentum has been waning. Am I calling a top...no way as I've tried to play the correction and got walloped but it feels awfully crowed and ripe for a nasty correction. Silver gained 4% today and this reminds me of being short sugar two weeks ago...see previous posts.
This is not for the faint of heart and it may take deeper pockets to stay with my clients silver shorts than I had previously thought. At the moment we are staying the course willing to stay a bit longer before we admit we're wrong.

Oh by the way sugar has lost almost 13% in the last week for anyone that's not following. The Aussie remains a sale as long as the 20 day MA caps rallies. That pivot point today shifted from support to resistance FYI. Sugar gave up nearly 2% as our first target was obtained intra-day today. On a new low we should see a probe to 26 cents where would likely leave our shorts or at a minimum tighten stops and lighten the load. OJ may have started to roll over as prices were lower 1.5% today. We've suggested bearish exposure in November contracts. Grains traded slightly lower giving back some of yesterday's gains. We are wanting more downside to be a buyer at lower levels this week or next. Lean hogs were down big in early dealings but pared losses closing back above the 20 day MA. We have some clients short but are perplexed by the comeback. If we do not revisit today's lows in the next few sessions we may advise to wash the trade...stay tuned.

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

Crude oil slides again today taking prices to their lowest level in one month now approaching their lows from June approximately $3 from current pricing. We feel most of the downside damage is done and have advised clients to start probing longs as we feel there is more upside potential than downside risk with Crude futures at $93/barrel. Lightly work long futures or opt for October bull call spreads would be our two suggestions. Natural gas held its own today trading only marginally lower. As for the September contract it appears we have solid support just above $4, so as long as these lows hold we suggest taking advantage of this recent drop.

Indices got clobbered today taking the equity market to five month lows. We're suggesting catching a falling knife as we feel this is an overreaction by the skeptics on the debt ceiling debacle. Do we agree ...do we think this is a long term solution? NO on both but the sun will come up tomorrow and a 7% decline in less than two weeks we feel is a bit exaggerated. We've advised buying September bull cal spreads to aggressive clients. We were early as we started yesterday with some clients. That being said we may buy back the top legs...stay tuned.

December gold bounced of the 9 day MA picking up 2.3% today carrying gold to fresh record highs. This runaway freight train may have plenty of steam left in its engine...back off shorts for now. Silver recouped the previous days loses and is approaching the top end of the recent trading range gaining 3.6% today. Some clients remain short but we've been active managing the trade trading mini-futures and options against their core futures position. We're still anticipating a trade under $38/ounce but expect an extremely bumpy ride.

The Aussie closed down for the fourth session in a row giving up 1.5% today. We still like fading rallies thinking an interim top is in place. The Swiss franc like Treasuries are way high and due for a major re-pricing in our opinion but that does not mean prices are near a top. An 11% advance in the last month is too much but we see no signs of a top yet. Sugar lost another 2.8% today breaking a trend line that had been in pace since mid May. A 38.2% Fibonacci retracement leads to 27.40 in October and 50% drags prices near 26 cent/lb.

Momentum has shifted to the bulls in cotton with prices hitting a two week high today. $1.15 is attainable in the December contract sooner than you think...in my opinion. OJ remains on our radar as a sale...trade accordingly. Yields down Treasuries up again the theme today with 30-yr bonds and 10-yr notes hitting new contract highs today. Clients are losing enough money on the short ends of the curve so they will be absent from the long end as Treasuries may continue to climb the wall of worry.

Weather concerns (muy caliente) and some revisions on yield combined with fund buying got grains moving higher today. Corn traded limit bid while soybeans were higher 1-1.3% and wheat jumped by 4.5-6%. At some capacity clients will have bullish exposure before the USDA but as of this moment most are on the sidelines in this sector. An early rally in lean hogs fizzled out and if outside weakness continues look for that to spillover to the pigs. We've suggested bearish exposure in October to clients.

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

Ignore the merit in your individual holdings as traders may temporarily abandon specific fundamental and technical reasons to hold and raise cash...be careful. Today's trading range in Crude oil futures was nearly $5 or $5,000 per contract. Fasten your seat belt as volatility is likely here to stay! Our target of $94 was reached so we advised traders to exit their bearish trades from last week at a profit. Though at this time we cannot rule out a trade $3/4 lower we will likely be buying dips this week...stay tuned. Natural gas was a slight gainer today but do not get too bullish is this is only the second positive showing in the last eleven trading days. As we voiced last week the closer we get to $4 the more interest we have as a potential buyer. We have started tracking October bull call spreads for clients this week...stay tuned.

A bearish engulfing candle and a major reversal is two ways to describe today's ' action in stocks. We do not see much more downside as most damage we feel is done with the recent 5% sell off. Aggressive clients stepped in as light buyers today buying at the money bull call spreads with a target of 1305/1310 in September futures. By the close gold was down just about $10/ounce but to see the selling intensify we need to see prices back below the 9 day MA in the next few sessions; that level is $1612 in December. Silver gave up nearly 2% as we maintain our opinion that a trade to $38/ounce is in the near future...trade accordingly.

The dollar and the Swissie were the lone gainers in FX today. We expect the dead cat bounce to continue in the greenback and as for the Swissie prices are at record highs but we do not like fresh entries at these levels. We advised clients to close out their shorts in the Loonie and depending on their entries they should show a slight profit. On our radar is bearish exposure in the Aussie but we've yet to make a move...stay tuned.

Sugar gave up nearly 3% today closing below the 20 day MA for the first time in two months. Some patient clients remain short looking for an additional 6-10% depreciation. Cotton gained 3.25% today closing at a two week high above the 20 day MA for the first time in two months. We missed this trade with most as we have allocations in other soft markets with clients but we sure called it and based on our research we think an additional 10 cents is feasible in December. Hopefully a dip will coincide with our exit of either OJ or sugar shorts with clients...stay tuned.

Stand aside and let Treasuries show signs of a top before selling! Grains were higher across the board but we remain on the sidelines looking for a lower entry for clients ahead of the USDA report two week away...stay tuned. Live cattle hit our target at the 20 day MA ...our suggestion is either trail stops or take a profit on longs. Aggressive clients were given a bearish trade recommendation in October lean hogs today. We expect the contract highs just above today's close to serve as resistance and we have a downside target of 88.50.

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