Energies
A strong move in energies came on technical support, bullish supply data and cold weather concerns.  Overall the market should remain choppy through the end of the year and I recommend legging into short options as the market chops back and forth.  A ratio credit call spread is natural is highly recommended (+1 Feb $14 call, -3 Feb $18 calls for $2,500 credit or 1x4 for a $8,000 credit). 

Financials
A top in the S&P is iffy at best with Thursday?s reversal rally, but overall I continue to see this as overbought and a time to develop defined risk bear plays.  Bonds topped as expected and should fall apart in the coming weeks and months.  Today?s employment data was no relief and Greenspan pitching deficit issues wasn?t much help either. The US dollar is choppy and forming consolidation around 92, suggesting a pullback is likely and I recommend a short term bull play in the euro as the bounce we saw is likely not going to be the last one before the year is out.  So they started raising rates in Europe but I am not buying that this necessarily means a weaker currency. 

Grains
Volatility has died down considerably in the grains and there is little sign of a shift coming.  Nevertheless the market has developed a good base line support and I would look for hire prices shortly as a bottom appears to be in.

Meats
Cattle spiked on news that South Korea is delaying their US beef ban lifting, but overall this market is in a no-man?s land price that either puts us at fresh all-time highs in the next couple of months or gives bears the entry point of a life time.  I like playing bottom deep OTM strangles or a bear put spread in this technical setup.  Hogs are still in between entry prices and I am wait and see. 

Metals
Gold and silver remain at market hysteria highs despite a strong dollar and sideways bond market.  Overall I am shocked and in awe of these markets ? despite trading them for as long as I have it still is quite a shock to have my timing be this off.  Fundamentally and technically gold will retrace and silver will follow.  Bull markets like this do not march in a straight upward line and the fundamentals don?t back the move.  Copper is a short and so is platinum.  The palladium bounce is a little overspent but in theory has truly unlimited potential so I would remain half long there.

Softs
OJ prices spiked to fresh highs and overall remains a bull breakout market that isn?t quite worth the risk at this point given the potential reward.  Coffee is getting ugly but I remain a long term buyer at these prices.  Cocoa got some violence in the Ivory Coast to spike the market a bit and I would look at this as momentum for a full blown rally in the coming weeks and months.  Cotton is a sell ? still.  Lumber is all over the map and is a short at these prices.  Sugar might have topped today and I would look for a mega selloff on Monday or Tuesday to confirm, which means buy puts on the open to play a low risk angle on a real retracement in this market.