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Commodity Corner: Flip Flop Friday.

Buyers were on the move in 10y Treasuries supporting at 128-06 stemming the slide for now but what happens in subsequent sessions will determine the ultimate direction as can't rule out a test of 127-16. The Dollar back pedaled again on follow through selling from yesterdays outside day closing under 80.368 but as long as it stays over 78.80 it could resume the push higher with a borderline day in the Yen might mean a bounce is in the works while the Euro tries to push higher from 1.3000 looking to get a close over 1.3234. Another inside day for Gold although a nice recovery bounce off the 1640 area looks more like short covering, buyers need a close over 1680.00 to improve its short-term outlook. Ditto for Sliver where buyers are supporting 32.200 but that's about all they're able to do, could also be short-covering which means an opportunity to short if prices can't exceed 33.200. Copper was soundly rejected as it challenged the downtrend drawn from the Feb highs at 3.9290 but managed a close over 3.8495 to trade higher in subsequent sessions. Crude shifted into high gear toward the close with a spike in volume pushing prices over 107.17 giving bulls a chance to reclaim 110. Natural gas was up as well clearing the first hurdle 2.303 as well as the previous two session's high 2.330, looking for 2.480, not really surprising given the expectations of a break last month so now prices are rising, if am right, wait until expectations of higher prices then that will be the top but probably not at this time. More of the same in the grains with Corn building on prior gains holding the 200day average at 668 1/2 looking for 680-0, Wheat also built on gains but has a lot of resistance to work through while the Soybean express didn't waste time advancing to within 26 cents of 1400-00 showing no signs of exhaustion on this ride but these gains were on less volume. Close but no cigar for Oats trading within 3 cents of the 200day average 343-1/2 but buyers became less committed resulting in a close off its best levels. Coffee's feeble attempt to move higher was rejected at 186.61 makes me think there is more downside, namely to 177.75 with an indecision day in Sugar with buyers active on the open but encountered resistance at 25.70, watch and see if that level holds, could be a great place to short. Cocoa tried to advance but ran into 2,275 resistances halting the upside momentum and Cotton probed 87.00 before buyer supported but so far that's all they have been able to do as sellers remain in control selling at 88.00.