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Wow, we have had a couple of wild weeks while I was away vacationing in the mountains. Did the Fed’s rate cut make everything better or is the wild ride about to get going again?  Let’s take a quick look at what looks hot for this week.

Crude

Crude is looking oversold here, and as long as we can hold 70.00, I think getting to 74.00 seems like a likely recovery from the recent drop.

S&P 500

The S&P 500 has been on a very wild ride of late, and while the Fed's recent action may have calmed some nerves near term, an inability to hold and move above 1490.00 could bring on still more liquidation in here.

Wheat

Chicago wheat as been on a wild upswing and the differential between Chicago and KC as moved to an astounding 44 cents with Chicago being over Kansas City. This is very seriously out of balance. Seeing Chicago wheat have a stumble here seems more probable than not.

Cotton

Cotton looks to be in a serious long liquidation and I am looking for more work on the downside here.

Orange Juice

Orange Juice has been in a serious decline for most all of 2007. It seems to be establishing a bottom around 120.00 at least for now, and I am looking for range bound trade here as long as we can hold 120.00 and possible upside to the 130-133 area.

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Energies

Oil made a great move down the past 2 weeks and if you've been following my lead I'm sure you want to send me a nice Christmas gift. Take those profits from being short Oil and start nibbling on the long side of Natural gas down here around the $7.50-.60 area Dec contract. I'd like to also see a test of that $8 area to lighten up on it.

Metals

Again, if you listened to the Wednesday update 2 weeks ago where I said Silver could literally fall apart from the $13.50 area to the high $11's and bought the Out of the $ Puts, they exploded, catching me by surprise at how it fell so fast and so hard. I am neutral on both Gold, Silver AND copper here.

Grains

Ok, here is where I was wrong on Wheat, I mentioned to do a Corn Wheat spread that as we know, hasn't performed as well as most of my other picks although Corn held its end of the bargain rallying to that $3.70 area mentioned in an earlier post here.

The Dow, Nasdaq and S&P are off limits right now. I don’t know what to expect here and I don’t pretend too. You could flip a coin here and if you were right initially, Cover, take the money and run.

Livestock

Live Cattle have stampeded to a new double top here and without any "Cattle-ist" to take profits, it may just keep going. I am neutral on a trade though. Same for Hogs, the pattern is tough for me to say, so, stay off the meats for a while.