Energies
A choppy week finishes bearish as the bullish crude data was balanced by better than expected unleaded inventory numbers and improving news from New Orleans.  Today was also October crude option expiration and there was certainly some additional action on exposed option positions.  Sell a Monday bounce but avoid futures as the volatility is far from over in the energy complex. 

Financials
A quick run to 1250 was met with strong resistance, and a strong sell signal  will come together on a break below 1230.75.  I wouldn't be surprised if we make another stab at 1255 but overall the market isn't showing me enough to make me bail on a short play.  The bond market is in a free fall ahead of the Alan show on Tuesday, expecting a business as usual 25 basis point rate hike despite Katrina's affects.  If they get it expect sub-112 prices shortly.  The dollar found support this week and is quietly falling back into my 87-92 forecasted range for the rest of the year.  With that said there is some room to sell the Canadian, euro and yen but overall expect lackluster choppy action in currencies.  The best play is short strangles.

Grains
Continued weakness in grains came on the heels of a bearish crop report on Monday and the market spent the week fending off sellers.  This counter seasonal trading begs for harvest time rallying and a buy at these prices across the board.

Meats
Cattle strength persisted and my bearish views are being overshadowed by miraculously bullish technicals.  I am stubbornly buying puts on the way up.  Hogs are holding critical 65.60 and I am bearish until a break and close above that mark.

Metals
The hate mail keeps pouring in as gold breaks out.  Keep in mind that the Dec. contract has yet to break its highs at 471.   I must admit that it is disturbing to see gold's departure from not only the inverse correlation to the US dollar but also its inflation based correlation to energy prices.  Overall this market is in bull hysteria and ignoring key fundamentals.  I remain a put buyer.  Ratio credit call spreads in silver is also a great play with volatility spiking for the first time in ages.  Copper is turning quite bearish and is setting up a 10 point plus down day sometime soon.  Palladium made a move today and is still a buy down here.  Platinum is overpriced and has the potential to plunge 20-30% over the next 6-12 months.

Softs
Coffee prices continue to drift south and still has an overpowering bearish technical outlook.  Cocoa is falling apart to my surprise as the market is right back at the lows in a week's time.  I remain in my long strangles but I am even more biased to the upside at these prices.  Cotton broke key support and has to get and close below 47 and this thing will fall apart from there.  OJ is setting up for a volatility spike and all signs point to up, but use calls instead of futures just to be on the safe side.  Sugar broke critical 1050 but closed below.  I would sell it with stops above today's highs.  Lumber is avoidable.