Energies
Market hysteria galore this week in crude as Osama completes the trifecta of oil worries after Iran nuclear concerns peak and Nigerian oil terrorism comes around to center stage.  Overall the energy market is flying high, but I suspect the market will find it difficult to leap past the prior Katrina highs without a bit of a dogfight.  Buying near the money puts looking for a quick kickback to about $65 is a good play for next week, but overall I would play a wait and see in the energy sector and allow the market to either break to new highs and jump on the bandwagon for a bit or develop a top and get short if a double top forms.  Natural gas is about done selling off and should find good producer price support just under current levels.

Financials
Stocks plummeted today as a week with expanding volatility left bulls running for the exits and taking profits.  The technical trend certainly reversed and with the international politics, the Nikkei collapse and earnings fear driving the breakdown I would suspect this could be a month to remember in the stock market.  Look for a down close Monday to offer confirmation to today's action.  Bonds lack direction as the market amps up for the Jan. 31st FOMC meeting and early Feb bond auctions which includes the return of the 30yr issue.  Look for a strong sell to develop in the market as early as Monday.  The dollar also lacks a direction and is stuck consolidating well below recent highs.  I am a bull waiting for a move to fresh highs before reentering the market.  Historically, the dollar tends to make 2-3 trend sweeps if not longer and impatient bulls may miss the ultimate run if they are overcommitted at this time and price.  The Canadian dollar broke and reversed to surge to impressive levels heading into the weekend.  Last night's debate offered a shift in sentiment and an overall bullish tone in the Canadian.  Do not be fooled!  Today's move should have set the high and I highly recommend put plays with a get out because I am dead wrong mental stop above 88. 

Grains
Beans continued to slide and lack any sign of bouncing anytime soon.  The wheat chart looks ugly but wait until we break Thursday's low before jumping short.  My gut says look for a plantings rally in corn over the next month but ultimately grains are avoidable until a seasonal play in May becomes worthy of a look - ahead of what I would forecast as a high likelihood of a hot and dry summer rally.  Rice remains a buy with an all in play on a break above 850.

Meats
Cattle spent the week killing any move by intraday reversing and went into this afternoon's cattle on feed looking for a directional breakout.  I suspect Monday will mark the beginning of a major trend in cattle with the gut saying watch out for a selloff.  Nevertheless, the safe play is long strangling this market as the option premium has eroded and the volatility is right around the corner.

Metals
So last week I made my last gold trade recommendation you will see from me until gold breaks below $500.  I suggested some simple $520 puts and silver ratio credit spreads.  Today's breakout to fresh highs and critical mid-day reversal suggests I may be able to make my next recommendation sooner rather than later.  Monday follow through is critical.  Copper is pretty toppy but the play is shorting platinum.

Softs
OJ broke critical support and appears ready for a steep retracement, but hurricane season probably made a lot of specs forget this is frost season and a time where a cold patch can change everything.  By the way, did anyone catch the government issued report saying they no longer are going to enforce the cankor tree cut down rule because the disease is so rampant that nothing will stop it?  I guess no one cares.  Sugar broke through critical long term resistance today by surging past 16.27 and leaping to an area that suggests almost unlimited upside.  The squeeze is on here and it could last a bit, but buying July puts and even July strangles remains the right play.  A market gets moving like this and it will likely be short lived and quick to find out gravity still exists at these prices.  Coffee is meandering around the $1.20 mark and the consolidation following the Brazil forecast makes me think it is a pause before another leap higher.  Buy a march 130 call and sell a 140 for an aggressive short term play or go out to May and play the longer term -- either way a bull call spread offers a great risk to reward given the current setup.  Cotton is fighting the bear but something will have to give one way or the other soon -- long strangles with a put bias is recommended.  Lumber topped and should tumble down to 320 in short order.