Energies
Continued choppy trade is setting up a false sense of support, even if the market breaks through the down trending channel it has developed.  Get short calls on a $2 bounce, and buy bear put spreads as this market may trade sideways but ultimately has the fundamental and technical structure of a market ready to fail miserably.  Natural gas is playing catch-up and has some more downside ahead.  The energy market will get some sellers coming that expect a mild start to the winter and the freedom to short now that hurricane season is coming to end.

Financials
The S&P broke critical 1205 resistance and may have some clear sailing here for another 10-20 points before testing the critical highs set back at the end of July.  Like I have been saying, this may be a bear market but no move ever seems to follow through on either side.  Continue to sell premium as intraday volatility is peaking.  Bonds failed this week as the combination of business as usual FOMC action and the dismissal of a worse than expected employment report left the market just ticks away from the lows and a very bearish outlook ahead.  The dollar broke some critical resistance and is about to test the upper range of my forecast for the market to stay with a rough 87-92 range through the end of the year.  This is a short term selling opportunity in the dollar (9160-9200) and a buy in the euro (11730-11780).  The Canadian dollar is still building an odd top and while I remain bearish I would like to see confirmation with a break and close below 84 before pushing in all my chips.

Grains
The grain markets appeared to have found a temporary bottom, and a critical break of 6.11 on Jan beans is needed to build momentum for a genuine harvest rally.  Bird flu concerns continue to hang over the market, but overall beans remain a strong buy, and corn and wheat value plays at these prices.  Don?t overlook the rough rice breakout, and if you missed the move waiting to roll to Jan from expired November plays, get on the bandwagon on the next drop because has a lot of room to run.

Meats
A quiet week in the meat complex ends on a bullish note and leaves this bear with little to do but wait and see if a bear formation will develop.  The seemingly inevitable retracement in cattle is overdue and I highly recommend buying puts on the cheap.  Hogs remain in the middle of long term support and resistance is an avoidable market until one side is penetrated.

Metals
A weakening gold market is on the brink of utter failure, but the US dollar appears to be jumping the gun on the breakout rally.  That said, I suspect a slightly bearish trend in the metals complex as the dollar tests these ranges.  Additionally, a $10 spike down somewhere amid the downtrend is very likely prior to the Thanksgiving holiday.  Continue to buy gold puts on up days.  Silver also appears ready to tumble but should follow gold?s coattails.  Platinum remains a sell and palladium a buy.  Copper?s resilience is short lived ? buy puts ? a fallout is coming.

Softs
Strength in OJ persists and the market is truly in breakout mode.  I would recommend selling call premium and reducing your net long position.  Coffee is getting ready to make another run at the critical resistance band between 108-113 and is likely to get a breakout very shortly ? get long bull call spreads for March.  Cocoa is developing an ugly pattern but I remain a buyer of March calls as the expected volatility spikes to upside are not too far away.  Cotton continues to give traders additional chances to get short.  Sugar cannot seem to follow through on a bear break and remains a buy and a market to avoid at these prices.  Lumber?s bull run is due to retrace, and puts can be bought on the cheap.