ENERGIES
December Crude Oil is trading sharply lower overnight as the growing financial crisis is expected to slow down the global economy and lessen the demand for energy. Prices are trading under $90.00 and are expected to trade lower over the near term as the financial situation gets worse. The charts now indicate a downside target of $72.00 is likely before there is a significant turn to the upside. Continue to look for places to short the crude.

METALS
December Gold and December Silver are trading sharply higher as the financial crisis is spreading around the world and threatening the safety of financial institutions. This rally is being driven by fears that more financial institutions will get bailed out or fail. Look for this flight-to-safety rally to continue as there is plenty of money around that needs protection. Unlike the other previous attempts to rally the metals, this current rally could last a little longer and move higher as a good support base has been built.

GRAINS
Soybeans and corn are under pressure because of recessionary fears and margin call liquidation. Funds are expected to be big sellers today as the need to raise cash to meet margin calls has grown overnight. True supply and demand fundamentals are continuing to be ignored as these markets are focusing on the economy and the worsening global credit crisis. Grain elevators should continue to have a hard time getting credit and may be forced to sell inventory. The downtrend should continue until normal credit conditions can be returned to the markets and there is a pick-up in global demand.

SOFTS
The softs complex should continue to weaken because of the worsening global credit crisis. Demand is down everywhere because buyers cannot get credit to complete purchases. Also, supply is not moving because shippers cannot obtain credit. Cocoa and Coffee are suffering because of the weakness in the British Pound. Cotton should weaken further because a recession will slash demand. Continue to look for downside pressure.


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