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Commodity Currents: More Of The Same Thursday.

The ever so familiar pattern in stocks where the market sells off pre-market only to rally back to almost unchanged while not quite over 1400.50 however so have to wait and see if market can either rally back to new highs or if sellers can force a close back under 1380 on increasing volume to determine the short term outlook. 10yr Treasuries were bid as well closing short of 130-00 after besting 129-22 indicating more to this move especially with a close over 130-00 puts 130-16 in play. Bonds pushed higher inching closer to 139-00 stopped just under that level with 140-0 should offer significant resistance. The Dollar struggled again encountering resistance at 79.50 suggesting for now further upside will remain a challenge with buyers supporting the Aussie at 1.0222 to end the session nearly unchanged with the Yen exceeding 1.2120 but stalled at 1.2200 so have to watch how a retest of 1.2120 plays out, i.e. will buyers support or can sellers take control? The Euro continues to churn lower capped by 1.3400 but supported by 1.3275 encouraging buyers looking for higher prices. Crude ran over longs with a break of 105.00 not before buyers stemmed the decline at 102.62 but a test of 101.67 is likely maybe even lower to 100.00. Natural gas plumbed new lows again not really any surprise with new selling at these levels better to say away until a bottom is determined but it might be a long wait. Buyers supported Gold as it approached 1640 but still venerable to further price depreciation until it can get back to 1720 where Sliver floated back over 32.000 but has some serious upside ahead of it with its first upside objective still being 32.335. Hogs got slaughtered with a test of 85.000 quite likely if 89.95 doesn't hold joined by Cattle looking for 117.70 as 120.00 failed. Corn dropped again heading for crucial support at 600 which has held for more then a year and should prices probe below 590 will increase the risk of more downside to 500 with Wheat testing the Jan lows of 610 looking for 600 while Soybeans reversed lower but still closing over 1351 keeping alive its trend for now. Sellers were interested in Coffee sending it back to 175.00 suggesting for now the path of least resistance is lower with 160.00 seller's next objective. Sugar stemmed the recent selling reversing higher looking for 24.73 with buyer's first target but it could also be an another opportunity to short, Cocoa dropped like a stone under 2,286 while its approaching low end of its recent range, still would rather wait for evidence of a bottom before buying, see if 2,150 holds. A little reversal in Cotton as sellers surfaced at 94.00 sending prices moderately lower but 92.00 should support on a retest.