Headlines – 2009.01.02

STOCKS: The bulls retain the edge because of pre-existing momentum
BONDS: Minor follow through declines possible due to momentum
CURRENCIES: Choppy action still present expect near term Euro & C$ declines
COPPER: The bulls have a minor edge today mostly off technicals issues
METALS: The bears have a slight edge this morning mostly off profit taking
CATTLE: Positive supply set-up ahead; buy breaks; April to 94.65
HOGS: More positive set-up for early 2009 and technical reversal; firm
BEANS: Wednesday saw the 2nd “Santa rally” in a week. Reaction set-back today?
CORN: Possible setback today, but the top does not appear to be in yet.
WHEAT: Fund buying and a strong international market may be dominant factors.
ENERGY: The overall trend remains down off building supply and sagging demand
COTTON: Slow demand and weak economic conditions may spark turn down soon
COFFEE: Positive set-up for 2009 with oversold condition and tightening supply
SUGAR: Investment demand on the rise but demand may be lacking; chop
COCOA: As long as supply outlook is tight, price dips should attract buyers