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Commodity Currents: Moving Monday.

The S&P500 was on the move again with buyers active on the open trading within ten points of my 1428 objective before the sellers appeared selling into the close with a spike in volume so have to keep an eye on that to see if its a clue of possible fatigue in this one sided market. 10Yr Treasuries tried to rally but sold off instead as the session progressed and looks like they will test 127-16 or lower if yields can trade over 2.400. So far rising yields are not supporting the Dollar as it continues to sell off to end the session under 79.792 with a close under 79.50 makes it more difficult for dollar bulls to regain the upside although volume on this decline has been dropping suggesting profit-taking not new selling with the Yen trying to bottom at 1.2000 but needing a close over 1.2066 and the Euro challenging 1.3258 for the 2nd time. The Pound has largely been range bound from 1.5600 to 1.5900 over the past couple months. The metals have been floating higher as well with Gold inching closer to 1679.90 its first objective to close over whereas Sliver is closing in on 33.15 with Copper trying to stay positive achieving a close over 3.9000 giving bulls encouragement of higher prices. Crude continues to drive higher closing over 107.46 if these gains hold might return to109 maybe 110.00 with Heating oil's latest rejection of 3.3000 not helping matters any while an indecision day in Gasoline blends a mixed longer term outlook. Natural gas continues to push higher but lacking conviction as it forms a narrow up channel but its going up so its next target is 2.434. The grain express went in reverse from profit-taking with Corn falling back under its 200day average at 667-75 whereas Wheat dropped more after stalling at 680-0 wasting no time in pulling back and Soybeans turned away from 1380-0 although 1353-0 should support but a close under 1330-25 might mean a bigger sell off is in the works. Coffee is grinding sideways capped by 185.55 but supported at the lows around 180.00 for now while it looks for direction. Sugar continues to challenge 25.71 thus far not able to challenge 26.00 forming a short-term double top if it doesn't succeed and Cocoa exceeded 2,275 but still has a lot of resistance to clear starting with 2,324 to 2354 before putting in some serious upside. Inside day for Cotton as it consolidates after prior gains that almost took it to 90.00 before pulling back as long staying over 88.26 it could try again.