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Commodity Currents: Which Way Wednesday.

Reversal of fortune in the Indices with the S&P500 heading lower unable to make any significant upside with sellers taking control on the open although still within its narrow uptrend. Nasdaq 100 reversed lower on increasing volume as sellers forced the issue but have yet been able to force a close under 2,600. Ten year Treasuries back peddled after yields shot up from holding 1.900 although need to exceed 2.100 to break out of the recent rang which will take the ten year below 130-16. Key reversal in the Dollar as buyers were supportive as prices approached 78.000 support. While encouraging, the dollar still needs to reclaim 79.10 to get its upside momentum back. This will pressure the crosses especially the Euro if1.3328 fails, 1.3200 could be next, Swiss was turned away from 1.1200 again forming a short term top although 1.1036 should support, while the Yen continues lower. Meltdown on the metals with key reversals in Sliver, -6.73% to 34.700, Gold -5.05% ending at 1698.10, with Copper -1.25% closing at 3.8730 faring the best as buyers supported on the lows Most likely profit-taking after recent double digit gains from the December lows. Is this end of the bull market in the metals? There could be more profit taking in the future so it's best to wait for the market to find the lows instead of trying to guess. Crude oil reversed higher when buyers defended 105.00 chasing shorts away closing back over key resistance of 106.48 keeping alive its positive outlook although a series of lower highs and lower lows is a classic downtrend or a possible bull flag? Natural gas was higher reclaiming yesterday's losses after buyers supported on the low end of its recent trading range although the longer it stays in this 30 cent range the greater the breakout whenever it happens. In the grains, Soybeans continued their unstoppable ascent showing more willingness to push higher after moving through what should have been formidable resistance at 1300-00 like it wasn't there being led higher by Meal while Bean Oil dropped after failing to stay over 54.68 now threatening 54.41. Corn meandered higher while Wheat experienced some indecision after prior session's breakout. Coffee had a change of heart reversing lower after yesterday's upside reversal closing under key support 203.47 increasing the odds of a breach of 200.00 if buyers remain absent. Inside day in Sugar yesterday resulted in drop today but buyers supported at 24.74 keeping alive upside possibilities for another day. Orange Juice churned higher with buyers supporting at 180.00 forming a base to build off as it tries to push higher clearing 184.83 while sellers watch 190.00. Cotton reversing lower with sellers not waiting at resistance around 93.00 before sending the market back to support at 90.00 keeping intact for now the lower short term trend.