Energies
A run up in energies as the weather dominated the market, and fears of a growing cold front took center stage.  Weather is tough aspect to winter energy moves and I believe they are taking this cold front and getting a little ahead of themselves.  I remain a believer in the range-bound nature of the market and suspect the recent breakout will cap out at current prices or below $50.  Natural gas and crude both seem over bought and I am a seller into the holiday weekend.

Financials
Stocks have lost its pre-holiday bull nature and are in a bit of a free fall as the anticipated money from mutual funds to start the year did not hit the market yet.  This is going as I expected and that means within the next week or two funding should hit the market and shakeout the shorts.  That said, the S&P is a buy around 1165, temporarily that is.  The bond market ran up to recent highs and sits at a critical level.  The trade deficit numbers on Wednesday put the market here, but I think those numbers are being over analyzed.  First of all the numbers were from two months ago, a big trail on reality, and lack credibility since the bulk of the increase was from extreme oil prices.  So I am a bear up here, but only a small position since they were willing to push it up here some new highs might be set before falling back to reality.  The dollar plummeted on the trade deficit numbers and offered us bulls a great buying opportunity.  The Canadian is a great sell and the euro should be at 129 in the next few weeks.

Grains
An ugly grain report forced a bear turn across the board, giving the bulls a better value buy and a scary technical outlook for the next month or so.  Buy with patience.

Meats
Cattle surged up again, as the bulls certainly have control of the market at the moment.  I remain a patient bear on all meats.

Metals
Quiet and choppy trade occurred in metals this week, as traders are unsure of the next move in the dollar.  This is a bear flag if I ever saw on in gold and a great short on metals if you didn't jump on my bandwagon after Thanksgiving.

Softs
OJ offered great support at 77 and despite today's low volume retracement appears prime to run up to new highs.  Coffee supported out at the ideal spot and should have some real bull momentum heading into next week.  Cotton is failing to show real momentum after its technical breakout and might make a u-turn and head to fresh lows here shortly.  Cocoa is getting to be a value buy.  Sugar established a very important tight range indicating a breakout and new trend direction on a move above 900 or below 850.  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.