Energies
Crude defied my views this week but did break - the wrong way.  I remain a seller of calls, which despite my seemingly poorly timed bearishness, has prevailed as a successful strategy when implemented on $1-$2 up days.  Ditto for natural gas.  Hurricane fears may reenter the market and cause some call selling opportunities.

Financials
Expected resistance below 1250 held this week and today's employment data helped pushed yesterday's momentum further south heading into the weekend.  1224 is truly the last line of technical defense here and the market is overdue for this correction.  Seasonally this bear view is supported and especially statistically if you put in the numbers following a down first week of August and the implications for the rest of the month.  Bonds gained downward momentum as well on today's strong employment numbers, but have a volatile road ahead of itself with next week's treasury auctions coinciding with the FOMC meeting on Tuesday.  I remain a bear but I would convert from any exposed futures to defined risk options to play further downside movement in the short term.  The dollar is bouncing off of my anticipated bottom end of the range and is a short term buy in the 8750 price range.  To reiterate, I expect a range of 87 to 92 through the end of the year.  The Canadian is a mess and I am in wait and see mode. 

Grains
A grain fallout to end the week came on the heels of wet weather forecasts and overall technical selling as beans broke key support areas.  Corn is right on 220 support and I am inclined to buy here with puts as protection.  Beans might have some additional selling pressure next week but is a value buy anywhere in the low to mid-$6 arena.  Rice is still looking like a breakout bull market.

Meats
Cattle volleyed back and forth this week between rising cash prices and concerns over improving imports from Canada.  Overall the cattle market is (and will continue to be) one of my big trend reversal calls for the year, and suspect moves to 83.50 offer nothing but a great short entry with critical resistance between 83.90 and 84.30.  Hogs are still a buy and bellies, to a lesser extent, are as well.

Metals
Strength in gold was halted by support in the dollar today.  Look for selling pressure next week across the metals complex, otherwise my advice is meaningless in this complex for the time being.  You are either a step ahead of the market or you might as well get out of the race, so if gold doesn't retrace next week just call me out of the race.  Silver looks weak as well.  Copper also appears ready to tumble as this is about as overbought of a market condition as I have seen in a while.  Platinum is a sell on a break below 899. 

Softs
Coffee resumed a bit of a rally mode and broke through one resistance level at 105 but needs to break 110 to be back in bull mode.  I suspect the market will fail from here and recommend buying Dec. 90 puts on the cheap.  Ultimately I am a long term bull but short term the market doesn't look like it has what it takes.  Cocoa continues to be choppy and I am waiting for a 1350 entry to go long heading into the elections.  Cotton is a sell.  Sugar is overbought and buying puts is highly recommended.  Lumber will be choppy but is on its way to 250.  OJ is picking up some steam but is starting from a dead standstill so don't expect much here.

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.