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Commodity Currents: One Sided Trade Thursday.

We have seen this pattern before, the stock market gets a boost during the pre-market and then continues after the opening without looking back accompanied with similar spikes in other markets like energy, financials, and metals. The S&P500 gained over 1.5% seemingly out of nowhere taking it back to 1386.50 with a close over 1394.25 putting new contract highs within reach. 10yr Treasuries headed in the other direction but remain far away from changing their bullish outlook unless they close under near term support at 130-16 to challenge 129-16 which isn't out of the realm of possibility. The Dollar made up its mind falling through recent support now taking the path of least resistance which is clearly lower perhaps to 79.00 if buyers do not support at these levels. More upside in the metals with Gold advancing beyond 1660 progressing through its resistance zone closing in on 1685.60 its next objective followed by Silver clearing its resistance at 32.000 which is positive with 32.830 being the next target. Copper climbed as buyers supported at 3.6300 while encouraging still has significant resistance from 3.7500 to work through. Crude drove higher clearing 103.00 but ran out of gas approaching 104.56 but as long as it stays over 103.00 it could build on these gains. Two sided trade in Natural gas as sellers didn't wait for 2.100 to print before entering the market sending prices back to the low where buyers waited to stem the decline but with selling efforts intensifying at these levels, the overall direction is still likely lower. Split decision in the grains with Soybeans supported at 1420 keeping new contract highs within reach as Wheat following but turned away from 643 although not closing too far from its best levels while Corn managed to eek out a gain after soundly rejected from 644 but still holding over 634 for now. Hogs ended higher but well off the best levels as sellers waited for prices to approach 94.00 keeping a lid on further gains with seller's objective to get a close under 92.50. July Coffee has been range bound between 180.00 and 184.00 but it looks like buyers might be getting the upper hand holding the line at 180.00 if they can get a close over 184.00, next upside objective will be 190.00. After an indecision day yesterday, Sugar advanced today taking prices to 23.53 and a close over could set the stage for higher prices while a wide ranging day in Cocoa kept sellers on the defensive although prices need to push over 2,142 to challenge 2200 then 2250. Inside day in Orange Juice but it could be short covering offering another opportunity to sell if prices fail to close over 154.00.