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Commodity Currents: Waiting Wednesday.

The S&P500 continues higher further annoying bears by refusing to sell off as prices approach their near-term target of 1329.00 with more resistance overhead and supported by 1315 while the Nasdaq 100 traded between 2570.75 on the upside supported by 2542. Inside day in 10yr Treasuries not doing much of anything trying to move higher but bumping against 113-20 in a small ten tick range while the Fourth time is the charm with the Dollar exceeding 82.63 with 82.500 seen supporting prices should they pull back again but for now a possible trade to 83.500 perhaps higher although the Aud continues to challenge 1.10015, Cad looks for 0.9747 and the Yen falls back from 1.2585. Near indecision day in Gold as 1,560 supports but no motivation to buy either as 1600 remains near-term resistance although still can't rule out a trade lower to retest the 1535 area and Silver eased lower under 27.000 on an increase in volume suggesting more interest from sellers with resistance seen at 27.745. Crude advanced approaching its short-term target 81.20 although price action looks more like short-covering then committed buying but gains are gains as 78.00 continues to offer support whereas stop running was the likely reason fueling the initial gains in Natural gas taking prices almost to 3.000 after exceeding 2.856 before closing poorly on a spike of volume suggesting the end of the up move might be at hand with 2.656 near term support. Hogs sizzled as buyers went hog wild after 88.00 held for the 2nd time with prices limit up at one point before ending within sight of 92.550 with a trade to 94.325 not out of the question as Cattle rebounded off 115.325 exceeding 116.625 and now within reach of 118.325 as now 116.825 should support on a downside test. Profit-taking in the grains trimmed Corn's gain by 20 cents closing off the best levels with support at much lower levels around 580 with Wheat managing a small gain with support seen around 680 and Soybeans runs into sellers at 1480 as 1400 provides yet to be tested support coupled with an inside day in Oats stalling as contract highs remain in sight. Coffee tried to build on prior gains but sellers didn't wait for prices to tag 170.00 before selling as 157.60 is seen as support while Sugar was sweet for longs hitting 21.00 with more buyers showing interest and can see prices trade to 21.67 with new support of 20.64 to contain prices on a pullback. Cocoa advanced taking out several layers of resistance with the 100dma of 2,270 within reach if can close over 2,240 as 2,175 is likely support and Cotton reverses lower turned away from 70.00 on a failed feeble rally attempt.


The risk of loss trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Trading futures without protective stops or options is not recommended. Past performance is not indicative of future re