Energies
A strong overall week in energies as the shorts cover on a worse than expected inventory report.  The in line unleaded numbers still tell the tale of a market with an overabundance of supply heading into a seasonal high demand period.  The rally this week is a great opportunity to sell calls, buy puts and get short this market.  The downtrending channel suggests a top right around current prices.  Natural gas broke support and remains a short given the current technical setup.

Financials
As it will be for some time, the stock market is an avoid it market until we break 1230 or 1140 - get used to seeing this cowardly forecast from this bear with no spine.  Bonds are a resounding sell as the fast track rally to recent highs will give us the V-shaped structure needed to have genuine fallout in this market.  Accumulate puts with good time on them and wait this out - it will be a huge move when it happens, and I say it is a sell right now if you have the patience.  The dollar continued to set fresh highs as the market prepares for a ‘no' vote by France to the EU constitution which will put pressure on the euro and pound and further ignite the bull run in the dollar.  Get on this bandwagon on dips and ride it to 90.

Grains
A strong weather related bounce across the grain complex this week held up to some profit taking and fund pressure.  Weather premium this early in the season should hold up and higher prices are ahead.  Still a big bull on oats and corn, with a nice volatility play in beans.

Meats
Cattle weakness persisted and is on critical support.  Look for a quick break by Wednesday to sub-8350 prices on the June contract if we are really in fact going to breakdown this time.  Hogs are quite oversold as the bear retracement followed through as expected.  I am out of this market for time being - wait and see.

Metals
Gold is holding on by a thread and the dollar is going to break this market next week.  Silver held trend line support and is in for a world of hurt if gold falls and the dollar is above 8750 come next Friday.  Bottom line is get short metals and don't get fooled by the sideways movement.  Puts are still dirt cheap.  Copper remains a wait and see.

Softs
OJ is barely registering a pulse right now - not a great sign, but the consolidation will at least get this market somewhere with some force when it breaks.  Unfortunately this bull is admitting some doubt here and I would downsize some bull OJ positions if we don't get a bull move by next week.  Coffee had a very notable day today.  A genuine coffee bounce despite a bull breakout in the US dollar means the inverse correlation is fading and the market is focusing on fundamentals.  Frost premium is right around the corner - get long with bull call spreads.  Cocoa is fading fast and is still inversely correlated to the dollar due to an unusually quiet period in the Ivory Coast.  Buy strangles and watch volatility expand in the coming weeks.  Cotton is trying very hard to hold 50 but put in the minority as I remain convinced we will see another 20% to the downside (give or take a little).  Sugar remains a strong buy.  Lumber is a sell.

James Mound, owner of JMTG Brokerage LLC, MoundReport.com and author of the book 7 Secrets, writes the Weekend Commodities Review Newsletter. Receive your free weekly subscription to the Weekend Review by e-mail. Click here.