Market Headlines – 2008.12.29

STOCKS: One gets the sense that the bull camp retains a slight edge today
BONDS: Continue to buy breaks expecting more evidence of slowing ahead
CURRENCIES: Expect the Swiss and Euro to dominate the US Dollar ahead
COPPER: Without year end short covering hopes the bulls have no case
METALS: The bulls have control as anxiety trumps economic news flow
CATTLE: Poor export news and disappointing cash news; buy breaks
HOGS: Still probing for near-term low; swing count down to 58.02 Feb
BEANS: Same list of fundamentals are lining up in support. Objective: 1045
CORN: Technical & investor support outweighing weak demand. This may continue.
WHEAT: A push through 608 overnight puts March objective at 650 or better.
ENERGY: Yr end short covering, geopolitical fears to provide temporary lift
COTTON: Still in position to see worsening demand news ahead; more down
COFFEE: Shift to tighter supply in 2009 may be good foundation for rally
SUGAR: Outside market forces support early but what about global demand
COCOA: Vulnerable to year end profit taking in thin market conditions