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Commodity Currents: Weak Bounce Wednesday.

Which way is the S&P500 likely to go in the foreseeable future? The trend still looks lower as today's bounce was half hearted at best likely short-covering with the market unable to close over 1368.58 which increases the chances of lower prices. Inside day in 10year Treasuries taking prices back under 131-16 but the move could be a profit-taking pause before another move higher should equities head lower keeping the Jan highs within reach. The Dollar continues the lower trending churn supported by 79.89 on the low end but capped by 80.15 so it will either break out or down, have to wait and see. Not much movement in the metals where Gold had a small inside day hugging 1658.50 but as long as it stays over 1654 it could make a run at 1680, Sliver didn't even get close to testing 32.000 resistance forming an inside day, probably watching the movement in Copper breaking down after breaching 3.8000 earlier now likely looking for 3.5500. A wide ranging day in Crude puts bulls in the driver's seat taking prices higher but stalled at 102.87 putting the breaks on the advance for now but with upside possible as long as 101 holds. New contract lows for Natural gas nothing really new here as so far no sign of a bottom with the ideal strategy to play the weakness is option selling putting time on your side. Wild day in Hogs providing something for both buyers and sellers with prices supported by 92.00 closing over 92.70 to increase the likelihood of return to 94.00 with an outside day in Cattle taking prices to 116.05 with a close over could result in more buying and/or short covering. In the grains a near indecision day in Corn with buyers looking for bargains after a brief breach of 635 where Wheat had a wider range but buyers also supported on the 620 lows with Soybeans first successful test of support at 1414 keeping the market within reach of new highs. Coffee buyers made another run at 183 but turned away by sellers however it might be only matter of time before buyers succeed with 195 being the next objective. Sugar bounced off support but the move looks more like short covering suggesting a close under 23.81 could open the door to 23.00, Cocoa buyers supported at 2,050 in an almost mirror image of last session and a close over 2,135 could lead to more gains, Orange Juice continues to slide losing another 3.57% with next stop likely 137 and Cotton shearing the shorts as it cleared 90.00 with a vengeance advancing more then 2 cents at one point before pulling back from the best levels as it challenges resistance around 92.00.