Energies
Surprisingly the market developed key support and spiked up this week as it hit critical entry points for various shorting opportunities.  The market is right on front month 50% retracement and under the Fib 61.8 and those should likely hold and force some selling pressure on the market.  This weekââ,¬â"¢s support, however, suggests it is more likely the marketââ,¬â"¢s downside will have a tougher fight to regain momentum.

Financials
The stock market skyrocketed through multi-year highs and reversed a bear trend once again.  This market consistently trades opposite the short term trend and even when it continues its bull run it will fail just when it captures the specs long.  Look for the market to fail next week and the S&P to retrace below 1300.  Bonds found some serious support near 110 and a great low CPI report gave traders all the data it needed to get bonds back just under the mid-range.  Bernanke and the new Fed meets in a week and a half with the minutes to follow shortly after.  They may bounce the bonds now but if you can grab it between 112 and 112-16 I would highly recommend stocking up on some OTM May puts.  The dollar weakness this week is a bit puzzling but overall the currency market is range bound as it waits for the BOJ to make its rate hike and the Bernanke show to begin and essentially dictate global economic policy moving forward.  This makes the currencies good for short strangles and playing opposite short swings as the market will likely step over various price points several times before it makes its move.

Grains
Grain weakness came on a lack of bullish news and overall sentiment change as we get through planting and a lull ahead of the hot and dry season.  Rather than shorting the grains I say wait for corn at $2.10 and beans at $5.50 and even wheat at $3.30 to get long for one of the better summer bull run setups I have seen in a while.

Meats
Cattle flat lined a bit this week but downward pressure remains likely in the weeks ahead.  News of South Korea delaying imports until May is of little shock value, but isnââ,¬â"¢t helping out the bulls in this market one bit.  Hogs lack a true direction but since breaking the 60.90 mark I am more bearish than anything else.

Metals
A dying volatility week in gold and a continued uptrend in silver with a big bull breakout in copper was about the sum of it in metals this week.  I would have expected a more bullish run in gold with all the US debt talk, but overall the market is developing a turn that might actually make this bear right one of these days (not that I could ever truly take credit for anything in gold after being so dead wrong for so long).  Silver is still trading on its own merits and I like the setup here as silver has factored in a premium and if gold fails next week or shortly thereafter it would like take silver with it but with a strong premium in silver remaining.  The copper spike is just another in a series of awe inspiring moves in a market that has done little but rally to fresh highs every few weeks for two plus years.

James Mound is the head analyst for www.MoundReport.com, and author of the commodity book 7 Secrets. For a free email subscription to James Mound's Weekend Commodities Review and Trade of the Month, click here.