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Commodity Currents: One Sided Trade Tuesday.

Stocks were looking like they were about to resume their downtrend but buyers defended 1360 support then out of nowhere a 1.43% gain in the S&P500 starting in the premarket of course but a close over 1389.00, which will clear the way for a return to 1400, remained elusive. Adding to the bullish tone, a wide ranging day in the tech heavy Nasdaq 100 after holding its 50 day average challenging 2712.00 and a close over 2735.35 could put 2,800 within reach. 10Yr Treasuries were under pressure back under 131-16 with a close under 131-11 could result return to 130-16 support. The Dollar reversed lower yet again heading for 79.500 negating its mini three day uptrend but pretty much going nowhere fast. Gold looked like it was about to sell off but buyers supported at 1640 with prices still falling short of 1660 with Silver not doing much of anything largely confined between 31.000 and 32.000 although those small trades do add up after a while. Crude drove higher taking out 104.00 before stalling at 105.50 pulling back but a close over 104.66 could be really be bullish if prices can exceed 106.00. Natural gas plumbed new contract lows in a slow death churn with 2.000 near term resistance to cap any short-covering bounces. Interesting trading in Hogs while still trending lower a near reversal as new contract lows were rejected keeping prices close to 90.000 and Cattle continues to hold over 116.00 encouraging for higher prices and a close over 118.00 could return prices to 121.00. Switching to July in the grains, Corn and Wheat continue to churn lower with a close under 600 can result in more selling namely 550 for both while left behind by Soybeans insisting on moving higher keeping 1450 within reach but having trouble staying over 1433 and 1440 and a close under 1420 could result in some much needed profit-taking. Two sided trade in Sugar providing something for both bulls and bears as buyers waited at the low but sellers lurked at the high and should if 22.20 hold a trade could be developing. Orange Juice backtracked rejected from 150.00 but looks more like short covering however if 145.00 holds it could try to advance again and an inside day in Cotton reclaiming 88.00 after recent failed probe under 87.00 but needs a close over 88.68 to regain the bullish momentum.