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Commodity Currents: Trading Tuesday.

Two sided trade in the Indices with some pre-market selling being met by buyers on the open again taking SP500 up 0.31% to 1371.50 to another gain although noticed more selling action today but unless there is a close under 1362.94, short term direction is still higher. The tech heavy Nasdaq 100 resumed its leadership resulting in another 52 week high ending at 2632.00 up 0.92% with buyers looking for lower prices to buy not waiting for it to pull back to buy it later although gains were on declining volume suggesting conviction is still lacking but no sign of a reversal. Treasuries ran into selling pressure as buyers lost conviction as prices approaches 131-28 an area with the exception of the beginning of the month has been met by sellers, a sign of a possible top? The Dollar was lower testing support 78.326 but for now its looking lower can't rule out test of 77.830. This will be supportive of the crosses with the Euro looking for 1.3725 should it clear 1.3497, Pound Sterling's next objective is 1.6034 if it can build on today's gains not joined by the Yen having an indecision day from failure at 1.2500 looking lower if 1.2236 doesn't hold. Sliver surged 4.50% to 37.205 still looking for 40.00 with Gold up a modest 0.76% inching toward the key 1,800 level while Copper struggled to get back to 4.000 where it faces significant resistance. Crude oil slipped 1.85% on follow through selling reaching its short term target of 106.44 a close under might take prices back to 102.50. Natural gas dropped again to the low end of its month long trading range, if it holds, prices could recover, if not, expect a retest of the January lows. In the grains, Corn (+1.35%) and Wheat (+2.37%) played catch up to Soybeans which has been moving higher for weeks building on gains, definitely higher in the short term and can be a buyer on pull backs. In the softs, Coffee held the 200.00 area now looking to move higher although it has to retake 211.37, sellers are trying to gain control of Sugar as prices stalled at 25.65 looking more likely a correction might be in order, Cocoa prices reversed lower not making much headway after closing over the 100day average at 2,402, possibly pulling back to 2,300. Cotton is trying to move higher closing over its 9 day average although it has its work cut out with serious resistance just under 94.00.