Energies
Continued sideways action dominates the energy complex, as volatility premium has completely died out of the market.  This is exactly what I had anticipated and now I recommend covering any short strangle plays at this point, given the lack of further profit potential compared to the downside risk exposure   Moreover, one could look at long strangles at this point given the potential for increased volatility given current prices.   

Financials
Stocks lacked momentum this week and created an early top.  I had anticipated a test and break to new highs prior to a big drop off, but the current formation suggests a possible premature failure.  I remain stand-offish at these prices, and would only recommend bears be about 1/3 “in” at this point.  Tuesday rallies after President's Day is historically likely.  Bonds are dropping after Greenspan's speech to Congress which was a work of art.  To say that he doesn't understand the forces that have enabled a support of long term treasuries is about the best way to get everyone running scared.  Bonds to 110 and below.  The dollar broke critical 8500 and now looks miserable.  The gut says buy it here and watch a fresh high by mid-March.  The Canadian is a solid short, along with the euro.  Tough to play futures with a lack of a clear stop, so bear put or synthetic defined risk bear plays in the euro and Canadian is highly recommended.

Grains
A major run in beans this week came on much better than expected export data and dry weather issues in Brazil.  This run has some real backing to it, as producers short cover on additional worries for US crop pesticide and rust concerns.  Corn and wheat look quite weak in comparison, but may have a quick spike up if beans set fresh highs next week.

Meats
Cattle broke ahead of today's cattle on feed report and seems ready to tumble.  Look for continued downward pressure and a quick move to 82 or so in the next few weeks.  Hogs and bellies remain bearish - focus on the cows though.

Metals
Gold kept inching up on dollar weakness, and silver spiked on a lack of selling pressure, but this all seems short lived as the dollar looks to be heading higher.  Get short metals now.  The copper market is a breakout bull and I would avoid it on both sides as the upside seems to be 5 or 10 points more but the downside potential is almost unlimited. 

Softs
Coffee is giving a bull flag but may spike down after a big-time run.  I would shave half the bull positions off until we see 130 on May.  OJ is showing signs of failing but the buy the dip trading we have seen over the past few weeks is too bullish for me to ignore - buy this up now.  Cocoa remains bullish, but a technical sell at 1680 looks right.  The gut is still looking for cotton break down.  Sugar is a sell until we break 950.  Lumber looks ready to tumble - buy puts.