Energies
A shocker of a bull inventory report and the market shows its true colors by giving us a major intraday reversal to the downside!  Follow it up with a false worry over Arlene and you got a choppy week ending in the upper range and lacking the downside momentum one would expect if they were really ignoring Arlene.  All production is on tap to stay on through the weekend storm and the market either still has jitters about it or just wants to keep a hurricane premium in the market for a while.  My gut says we get the selloff on Monday, but if we don't us bears need to take a good hard look at what is going on in this market.  Throw in higher heating oil than unleaded for this time of year and things are a bit wacky. 

Financials
I remain a stock market non-participant but am looking for a test of 1230 for a  short play against a bull break.  Otherwise forget this market for a bit.  Bonds showed that last Friday's spike high employment run to just under 120 on the 30 year is a likely top and all signs are pointing south - just be patient and continue to sell calls and accumulate puts on bounces.  The dollar stretched to new highs again today and this weekend's G-8 finance minister meeting should be a non-event.  The dollar remains a strong buy and the yen and euro as sells.  Today's bounce in the Canadian makes me weary here - play a wait and see at this point.

Grains
A mildly bullish report and weather concerns in Kansas over the weekend and the market can't hold a weak higher open?  You gotta wonder what is holding this market back.  Maybe the whisper was more bullish.  Regardless, wheat is a great buy with stops at 3092.  Oats need to break 146 to remain a buy.  Beans do have some serious resistance just under $7 that makes me wonder if it has the momentum this time of year to make it through.

Meats
Cattle continued to show signs of collapse and overall price weakness - stay short.  Hogs and bellies remain a neutral play at this point in time.

Metals
Gold strength amid fresh dollar highs, and despite weakness in the yen an euro it is holding its own.  Someone pick up my jaw from the ground, but I am truly in awe of what is happening here.  I stand by my monthly gold report and will just wait it out as the patient bear metals player I am.  Silver showed significant volatility to the downside and the market still needs to test some fresher lows on this recent selloff in order to touch the trend line support.  Copper lacks bear signals, but I wonder if this isn't a good gut shot play to short it with stops above 160.  Palladium remains a buy with stops below 175 and platinum a short with stops above 888 or 903.

Softs
OJ got a pre-report bounce yesterday, erasing the early in the week selling, but failed to follow through today despite a fresher high.  The market needs to get above 98.60 to get me excited again.  Coffee fell hard this week and my bullishness was destroyed by forecasts of frost free weather for the next few weeks.  Get ready for some serious volatility in coffee in the coming months.  I am a buyer of September 90 puts for $75-$100 and a 140-150 bull call spread for about $500-$600.  Cocoa is still a good long strangle play for Sept., but a near term short.  Cotton remains a sell.  Lumber too.  Sugar is a strong buy.