Friday December  29th - 

Corn - Nothing today as we end the year very quiet.

Wheat  - More rain and snow for the wheat belt has concerns dropping regarding drought but it is way too early to make a conclusion on weather problems.  Market is down near support. 

Beans - More up today with the market gaining 7 cents.  With all the talk on Bio-Diesel, demand is going higher for sure but there is plenty of stocks and at some point, it is going to come to the market.  Even so, it could take a couple of months to find the selling point.

Rice - Good sales numbers this morning but the market did nothing.  The fist of the month will be interesting. 

Natural Gas - Dead as a door nail.  Let see the weather situation after the 1st.

Cattle - Nothing new...

Dow - What a dead day...some profit taking today but nothing really new.  We would buy a break after the first of the year. 

Thursday December  28th - 

Corn - Light volume day with market finishing up a couple of cents.  Nothing to go on here fro now but we might see a little more buying on the last day of the year.

Wheat  - Rally failed today as wheat is going to check support.  Weather market is ahead here and with El Nino toping out we could see some fireworks.  We would buy a break but we will see how the market trades after the first. 

Beans - Still staying firm with bio-diesel being talked about all around the world.  Soybeans Oil is probably the better trade then the beans. 

Rice - A little correction but there is no volume at all except in the spread trades.  I am concerned that March could correct into the trading range of January here over the last month. 

Natural Gas - Here we bounced a whopping 10 cents...big deal.  Market is still set to exhaust lower. 

Cattle - Read last night's comments...cattle may stay firm near term as we absorb the idea that less cattle are going to be on feed over the summer; however, there is still some heavy weight cattle to come to market and so this rally probably should be sold. 

Dow - Quiet day with the market trying to ride a little higher with the end of the year tomorrow.  Nothing new from us until next week as things are way too quiet to get any direction.

Wednesday December  27th - 

Corn - Market corrected a little today but didn't find enough selling to move much lower than down 4 cents on the day and it finished down 1.  Looks like we will still go higher near term and test the recent highs.  Look for March over $3.90 near term.  Sales need to stay very strong after the first for USDA to once again cut the carry-over and as a sign we are not cutting off any buying at this level.

Wheat  - A hard day down in wheat today losing 9 cents but remember, wheat has not taken out November highs so its still setup on more of a defensive posture on the longer term charts.  The daily system shows a good buying point is at $4.90 so a bigger break would be a buying opportunity unless fundamentals changes down south. 

Beans - Not much of a correction today and it looks like the market is set to run a little higher.  The funds are the ones pushing this one around but again the volume was light.  We would not be selling here right now.

Rice - Market moved a bit higher today as we see the funds finding interest in this one.  They are nit big buyers but they have been able to move the market into the level of resistance and sellers apparently have sold what they need to for the next month or two.  A move over $10.60 could bring in more aggressive fund buying. 

Natural Gas - This market is collapsing as there is nothing bullish in the fundamentals.  PB is now at 21% and I expect it to go into the red zone (under 20) before this is over.  Longs are really hurting and needing a bounce but that may be hard to come by if we are going to exhaust this market to the downside.  No reason to own it; however, selling some puts may be a way to get into this market a little.  I would like to see the PB down at 18% before doing such a strategy for Hedge buyers but that could be another 30 cents away.

Cattle - The rally in cattle continues.  This rally is due to placements being way down as the cash market has stabilized expecting much lighter weights to be put on feed in the future as feed prices continue to explode.  Remember, we could see a big cut in feed demand in the USDA report this next S&D cycle so for you corn AND cattle producers, it really is a double edged sword. 

Dow - Nice move higher with no signs of a top.  Look for this market to keep on chugging and buy breaks. 

Tuesday December  26th - 

General Comment - All the AG markets were higher but in every situation it was based on technical buying.  Ready comments below as nothing has changed.  Rice is against major resistance so look for some back and fill in that one unless something is going on we don't know about.  A move over 10.59 in March is a major buy signal.

In natural gas, we have started a new leg down and are still setup to put in a significant low between now and March.

Friday December  22nd - 

Corn - The market continued its advance with full blown buy signals.  The market has the old highs to get through and they will act as good resistance but the huge sales in corn this past week just point out the obvious, we are selling more corn then we should so the price is not high enough to cut off the demand.  The close today actually sets up further advance on Tuesday when the market re-opens; however, the other obvious point is that this is the end of December and sales will drop over the next two weeks...or at least they should.  A pull back need to be bought as the market is signaling it must go higher to cut off demand. 

Wheat  - A powerful day in wheat as funds bought the market and wheat moved over resistance on the charts.  As we have been saying, weather will be the main feature at some point for a dramatic move but even without it, we see the market firm after the first of the year.

Beans - Bean were drug higher as the technical picture on corn and wheat is looking very good.  No reason not to believe this one can go higher but it will take the corn and wheat keeping it going. 

Rice - Higher earlier but then fading again into the close.  The market still closed higher and it looks to me is on the verge of testing major resistance.  If sales drop off then the market could pull back a bit but I think sales are going to keep steady ahead.  Also, the world picture is going to tighten with Indonesia needing up to 500,000 more metric tons of rice from Vietnam or Thailand.  They are on the verge of disaster if they have a bad rice crop next year.  In any event, things are such that the market can stay firm but a 20 to 30 cent pull back will also be possible over the next 4 to 8 weeks.  After that, things may get a little tight around this market.

Natural Gas - The reversal found no traction today and the market finished lower.  Look for more down side as the market is changing support plateaus which make the $6.50 level very possible.  Again, its February and March where we think the buying side should be.  We didn't but anything on this break so far as there has been no signal of any support to stop the leaking. 

Cattle - Feeder cattle were sharply lower today and fats were lower as well.  After the market the USDA gave us the cattle on feed report and it came in as expected to a little bearish.  The longer term look is that the herd expansion from 2005 has already begun to stop because of the huge increase on corn costs.  Longer term it looks good but we have some heavy weight cattle to get through and feeder calf prices are going to suffer near term. 

Dow - The market sold off big today with talk of sales being lower.  I would look to own the market if we can get a reversal next week but then again, we may see a hard correction if sales numbers really look off. 

Thursday December  21st - 

Corn - Another strong day today and as I type this we are up 2 cents in the over night session.  Buy signals are occurring but remember, a sideways market fails on buy signals and also fails on sell signals so we will watch this real close.  $3.81 is resistance in the March corn so we'll see how the market handles that price near term.  Also, there are the first signs of a weakening of El Nino...see the link down by rice.

Wheat  - A close over $5.00 in the March sets up a move higher...can we do it right now at the end of the year??  You bet ya but why???  The main thing to remember is that year end selling is done so the holders of cash wheat may be real strong hands just like in the corn.

Beans - Higher but not much.  With the inventory we have, there is no reason to see a move up because of the end of year end selling.  We would sell this one higher if there is no good news from Brazil.

Rice - Huge sales and export numbers this morning.  I think things are returning to normal after the LL601 problem.  Most buyers don't care as long as the supply of rice is safe and it is.  The EU doesn't want to buy our rice anyway and will look for any reason not to.  Also, signs of El Nino weakening indicates the possibility of dry weather for Brazil to continue for a couple more months...see the news story here....    El Nino Weakening

Natural Gas - Another hard day down but the market didn't close down there or lower for the day.  The reversal today may need some short covering to hold the current lows over  the next few weeks.  We'll see but there is no reason to own this one just yet; however, short term traders...and I mean short term traders, should watch for a pop before the end of the year.

Cattle - A bit lower but not a wash out.  We'll watch this one near term as the report tomorrow will set the scene for trade into the first two weeks of the year. 

Dow - Down today as we unwind with some profit taking before Christmas...will there be a Santa Clause rally next week???  I don't know but there is a chance we could have another move up before the end of the year.

Wednesday December  20th - 

Corn - After a back and forth day the market ended unchanged.  For now the market still looks sideways and we could be either side of 8 higher to 8 lower near term.

Wheat  - No news here in a quiet day.  Finishing a bit higher but no need for the the market to move right now. 

Beans - Beans lower today as they too go back and forth but the chart looks lower near term here as well.  Rain in South America will keep a lid on this one.

Rice - WMP unchanged again.  Rice tried to go higher early but selling was there and brought the market off its highs.  We still finished up 6 cents and longer term we like but the near term could be pretty dull.  We are rolling some to March and backing up a bit near term to see if we can can buy this one a bit lower for the longer term.  

Natural Gas - A hard day down today as support gave way on the November lows.  This is the lowest the nearby has been since Mid- October so we may now press the September lows.  This is EXACTLY what we have written about here as the market accordions into its recent lows.  We want to own this but not until a low is confirmed and we may not see that until February or even March where the market does have a tendency to make a seasonal low. 

Cattle - Higher today with Feeder now just 8 cents away from the nearby fats.  That is not so good for the calf market as supply appears to be plentiful near term.  The Cattle on Feed this Friday is expected to show large amount of calves on feed but placement will be down so that makes the deferred contracts look a bit better.  This could change the USDA's outlook on corn feed in the January report. 

Dow - Down a bit but no news here to get the market going one way or the other.  This market likes going higher when there is no real news. 

Tuesday December  19th - 

Corn - Market moved right back up after yesterday's late rally and finished close to the upper range of it trade the last two weeks.  Can we head back for the highs...yes but I doubt it right now.  First, today's volume was reported as light which could mean we will head right back down tomorrow; however, the end of trade today was buyer lead so I would expect that we start higher at least in the early going tonight and then we'll have to see if the market can hold. 

Wheat  - Traders said wheat rallied with corn but corn traders said corn rallied with  wheat...who knows but the buyers were more aggressive today in wheat as well and we got a bounce.  Tomorrow will be interesting.  We don't see a lot happening until after the first of the year but the market may have some nice back and forth as we head toward the new year. 

Beans - We rallied here as well as the beans didn't want to get left out.  Again volume was light so there is no real impact on the market right here as far as its short term direction. 

Rice - Another 1 cent gain...this is like watching paint dry.  I have a major concern for the market in March holding its current range once Jan is in deliveries.  We could see a pull back toward the January range which adds a bout 30 cents of risk.  15 cents is more likely but in any event, I can see March work lower in January as big boys play with the cash contract.  Be careful here. 

Natural Gas - A small reversal up today after we dropped under $7.07 in the Feb contract.  That is exactly what we were expecting but still, I don't want to own this market yet.  We will let it play around here and lookf for weather changes to buy some calls. 

Cattle - Market lower after corn reversed.  I said I thought this rally was a sell but I hoped for more then what we have already gotten.  tomorrow will be important to me as cash prices are on the defensive and fats have little reason to rally here except from a technical oversold condition. 

Dow - A little more of a rally here today but the market is like a kid skating over thin ice.  It is going very carefully onward and if the ice holds, could get higher even still before the end of the year. 

Monday December  18th - 

Corn - The market started lower by 6 cents but finished cutting the losses later in the day and finished off 3 cents.  Long liquidation is the main feature as we head into the end of the year.  Technically, nothing has changed as we are still in a bearish setup with PB now at 45% and the chart in a defensive posture with a new low for this move made on the day.  No reason to buy back here and longer term we like it.

Wheat  - Down 6 cents today on fund liquidation.  Just like corn, it is the end of the year and some funds are taking their profits off the table.  No new news and no real weather to speak of either so for now it is still sideways.

Beans - Liquidation here also and no news so sellers are a plenty here as well.  PB is down to 41% so there is still room for more downside.

Rice - PB is 46% and the chart is absolutely sideways.  The market has inched higher the last several days but I still see some selling pressure possible until after the first of the year and probably into February.

Natural Gas - We hit our target window today but I doubt we can shift into a hard down trend right now.  We have been talking about the $7.07 to $7.27 level for February and today's close is smack in the middle.  PB is at 36% so this down trend has some strength in it and could go much lower still.  Its not price as much as timing for us so buyers hang on as I see lower prices ahead.

Cattle - A powerful day in cattle today as February fats closed sharply higher and PB ran back over 50%.  This is probably a rally to sell and we are watching for a turn back down.  PB on the 30 minute chart shot over 80% at the close today so we may see some consolidation here or even a nice pull back. 

Dow - The market was lower today but not by much.  I would love to see a correction here near term but there is no sign of a big one at this point. 

Saturday December  16th -  For Friday

Corn - Market continues to drift here and may work on lower over the next few weeks; however, we still like the market higher longer term.  Monday's low of $363 3/4 is support for now and could be tested this next week.  I would expect things to slow a bit by the weekend. 

Wheat  - Still sideways here and the weather is going to become a factor over the next few weeks.

Beans - Nothing new from us.  It will take weather concerns to get serious in Brazil to take this substantially higher and that could actually happen over the next few weeks.  Without that, I see the market sideways and then lower if the crop in South America starts to look normal. 

Rice - A little higher but again we are closer to support then resistance.  Sideways right now with still a chance of taking out the $9.80 level in January. 

Natural Gas - Nothing new...a move to $7.27 in February is what we are looking for right now. 

Dow - Market continues to act strong but slowly driving higher.  A correction is dead ahead but it may come from the 12,600 level or even higher.  There is no reason to sell right now. 

Thursday December  14th -  

Corn - Big export sales got bulls back into market but nothing has changed for us.  Consolidation and correction mode should continue near term. 

Wheat  - Higher but off highs...correction mode still going here as well.

Beans - Just as in wheat, we are higher but off of highs and the market has little push one way or the other.  Correction still probable but there is weather concerns rising in South America.  It is just a bit early to buy a bunch of beans on a drought in Brazil.

Rice - Still holding over support at $9.80.  Look for a push down through this area as we have had a bunch of days where this support level held. 

Natural Gas - Lower today after being higher.  I like buying gas but not here and not now.  A move to $7.27 is what we are looking for right now. 

Dow - Finally...through 12,400 today and I think it can go a bit higher before a correction but I would not press it much here as we can see a move all the way back to 12,000 in the next few months. 

Wednesday December  13th -  

Corn - Market rolled over a bit today as it continues in its correction phase...this could last several weeks and drop another 15 to 20 cents.

Wheat  - Dry weather will become a concern soon.  Near term forecasts are dry for the wheat area but there is a long time left.  I like it higher at some point but not just yet.

Beans - Concern over South American weather will play a role here but it will be back and forth until Mid-January.

Rice - I still see a breaking of the $9.80 support and so for now we will wait and watch.  Longer term, I like this market especially with Brazil having problems...and yes, they are going to need to import a chunk of rice. 

Natural Gas - Sideways right now. no recommendations at this level but I might buy it lower for January purchases.

Dow - Nothing new here.  Very quiet close down from the highs but still not over our target level of 12,400 which still remains probable.

Tuesday December  12th -  

Corn - Higher but nothing new here.  I still see the market lower near term but I have been known to be wrong.  We could drift along sideways but the technical picture remains corrective so I will stay in that camp for now.

Wheat  - We remain friendly longer term (3 months) but near term anything can happen.  Lower today so the back and forth action continues.  Support could be tested near term if corn will work lower as well.

Beans - Down a little...we are doing nothing in this one for now.

Rice - I see the market taking out support at $9.82 in January.  We could see more selling with the bullish report followed by the lack of buying.  Longer term we like it but that is 3 months down the road not now so anything can happen near term. 

Natural Gas - We are watching the Feb gas contract now and look for it to stay sideways with a test of the $7.40 down to the $7.20 level.  Sideways until after the first of the year given the current weather picture.

Dow - Nothing new here.  The dip today ran out of sellers and we rallied back...12,400 still probable.

Monday December  11th -  

Corn - Market actually reversed higher today after testing support.  We like this market longer term but still think it could make another low for this move...but will it??

Wheat  - Market higher today so it still is holding support and sideways...we could own this in the next few weeks so keep close watch.

Beans - Nice move up off of support.  The largest carryover in history was reported this morning.  Beans are starting to look like Natural Gas in that regard.

Rice - The USDA cut inventory by 4 million cwts but there was no panic by the shorts or end users.  For now, we remain sideways.

Natural Gas - Warm weather ahead and forecasts for a warmer winter have sellers in control here.  Sideways and lower into the November trading range for December Gas.

Dow - Nothing new here.  12,400 still probable.

Friday December  8th -  

Corn - Today was a trend day down and it was a good one.  We call it a modified trend day down but I won't bore you with the detail, just know the market found good selling all day long after the first hour of trade.  The correction mode is well underway and rallies for now need to be sold.  Longer term we will own this break and hope we get a  good buy signal to put on future and option buy backs.  $3.47 in March corn remains the short term target.  That may or may not happen but a test of that level is probable.

Wheat  - Rally failed here as well finishing down 10 cents.  Good weather for the wheat crops in both the US and China along with no real pickup in export demand.  Those export buyers are DUMB not to be getting more coverage but that's OK with me because they will come for it at some point.  The market can work lower near term as a forecast change is not probable near term.

Beans - PB in beans is 53% almost on the verge of giving major sell signals.  We already have said we want to sell beans and look for buy backs. 

Rice - Market back up near Tuesday's close which is where the big break came from.  A close back over that price says the selling has abated and the market will again enter a period of sideways trading.  PB is at 44% which indicates a down trend however, in a sideways market, sell signals are buys and buy signals are sells...if you get my drift.  I see the $9.80 level taken out next week to see what selling comes into the market.  We could bust to $9.60 in the Jan but I don't give it that high of odds.  For now, we are looking to own more rice on this break and sit 100% sold in cash and long 50% in futures, or 100% long in cash if futures is not an option. 

Natural Gas - Market is starting to coil for a move lower into the December trading range which forecasts a move to $7.07 to $7.27.  That is where I will take a shot at it.  With the weather like it is, we could see that price level early next week. 

Dow - DOW is slowly moving back toward 12,400.  No changes from us as we see the market at that level or higher before Christmas.

Thursday December  7th -  

Corn - Market corrected today and may bounce more tomorrow as we continue in this correction mode.  There is going to be buyers on the break but the issues is the volume of sellers.  Many who needed to see did so yesterday so some consolidation is to be expected.  Nothing new from us, the correction has started and rallies are to be sold near term if they need to be made. 

Wheat  - Market was lower today as well but it came back and finished with a spike or hammer head formation which gives odd of a couple of days at higher levels.  It may not be tomorrow, the today's low and the close says we should bounce in the next few days. 

Beans - We are in no mans land right here with the gap overhead a good place for the market to test the selling.  Resistance is 10 cents higher then today's close with as much as a 20 cent rally still possible but the odds are not better then 40-60 of that happening before years end.  We would still sell a rally here. 

Rice - Market back up near Tuesday's close which is where the big break came from.  A close back over that price says the selling has abated and the market will again enter a period of sideways trading. 

Natural Gas - Still sideways...on another push lower, I'll take a short at the long side short term. 

Dow - Lower again but no real news.  We remain in the market but only with a small long and want to sell a bounce.  Looks like a lot of people are thinking that.

Wednesday December  6th -  

Corn - Now that the correction is firmly underway, how far will it go???  Great question but the answer is not going to show itself easily.  Today was a Big day down with liquidation leading corn down over 11 cents.  Corn broke down through our support zone at $3.70 early this morning and after a brief rally rolled over under more selling to finish lower.  We are now 26 cents off of the highs and we could easily set back to close the gap at $3.47 which is another 19 cents down over the next few weeks.  While we have been warning of a good correction here, we didn't want the risk of selling it here yet either.  20-20 hind sight is going to be hard to swallow but longer term we like this market and want to buy this break.  We will be watching it for the chance to buy it.  The market is a little over sold but not a lot  One more thing, a 38% retrenchment would be down to $3.38 in the March and there is a chance that we can get down to that level but not enough of a one to get into a short position right here. 

Wheat  - Hard day down with wheat off 22 cents today in March.  The close at $4.95 sets up a move toward $4.75 in March and the ease with which we sold off today indicates a lack of demand near term.  The weather season for wheat is dead ahead but there is no reason to own this.  We sold everything for the fourth quarter a long time ago and will stay the coarse for right now.  

Beans - Beans have given out right sell signals and I think you all know, we have never been that bullish on the beans.  Near term we could accelerate lower but the market really needs some type of fundamental change to support it anytime soon.  . 

Rice - Big break today early but didn't find the sellers down 20 on the day so it came back finishing off 8 cents for the day.  The market continues to go sideways and is in that location where buying has worked. 

Natural Gas - Read last nights comments as they hold today as well.  We will look at the numbers tomorrow but again, it looks sideways but at support.

Dow - Lower but not by much...nothing new here.

Tuesday December  5th -  

Corn - Once again the market stalled after making an attempt at trend-day down and turn to put in an trend-day higher with a hook reversal up.  March closed 3 higher but we are setup to test resistance at $3.84 again.  There is no hurry here to do anything and the market is chopping back and forth.  It is possible for us to sideways at the top but with the USDA report ahead and year end sales, I expect the market to keep moving.  Which direction??? Now that is the question of the day!!!  $3.70 is support and $3.84 is resistance. 

Wheat  - The market went right back down and tested yesterday's support zone and found a lack of selling so right back we cam again.  Look for the chop to continue but there is no reason to be a major seller here on 1st quarter sales.

Beans - Market up a little today but nothing to really sink our teeth into.  We see resistance up to $6.74 near term.

Rice - Looked like low volume today and once again the buyers of the last run up, ran for the exits as we went right back down to support.  $9.80 has held the last few times but we might be able to dip below that level in the next few days or weeks just to see what is down there in the way of stops.  I expect the selling to dry up pretty fast.  Again, we are long 50% of our base position so we remain right on half and wrong on half.

Natural Gas - Finished on the lows and looks to be doing the old accordion formation when you have too much supply.  What happens is the second month which is January falls into the previous contracts range during deliveries or in this case, the month of December's trading range for November...I know, it is confusing but look at it on a continuation chart and it will make sense.  In any event, major support is between $7.35 and $7.04 for the Jan contract.  Speculators can look for some positions under $7.50 but use a scale down approach. 

Dow - Nothing here to write about...we could chop a round near term.

Monday December  4th -  

Corn - Hard day down as the market approaches major support.  Some of the bulls may start running for cover under the lows of today but today was not a trend day down which is what we need to see.  If you have not sold anything and you need to do it this year, the time is now.  If the hedge funds start to worry about profit pictures at the end of the year and with corn closing at almost 2 week lows, a move lower here could accelerate quickly.  Remember, there is a shortage of corn, but not right now.  It's later this crop year so commercials can afford to back up.  Watch it tomorrow and if today's low is taken out, there could be more selling in this one.

Wheat  - I like wheat right now more then corn.  It has topped and worked into a consolidation range which corn should do near term.  Anyway, here we see risk down at 10 to 15 cents near term and upside risk is higher longer term.  Basis is holding also and remember, its time to watch the weather and a scare here could be explosive.

Beans - Read Friday's comments as we told you the computer was telling us a down trend has started.  The selling today was very strong so just as in corn, I think a short term top is in place.  It will take South American weather scare to support beans from this level. 

Rice - Market drifting lower off of the move up late last week.  No real reason for the market to work sharply higher from here but a moderate move off of shorts in the market for the GMO issue could occur.

Natural Gas - Market moving toward lows REAL FAST...this has me wondering if they will hold or accordion into the December contract lows.  We will hold for that since it is the safest bet.  Still sideways but on the weekly chart.

Dow - Market up big today after the reversal on Friday.  Year end buying is just a few days away and many times, we get an early start.  We see little reason to be selling here yet. 

Friday December 1st -  

Corn - After yesterday, anything was going to seem quieter.  Market finished down 3 cents and within yesterdays trading range.   Next week, we will watching for any sign that a hard correction is coming.  The technical picture indicates higher after today as we accepted the price near the highs of this move and even though there was a major hit yesterday from the highs, we are still trading in the uptrend direction.  We are certainly due for a correction here but we may see 10 to 20 cents highs first.  My guess is that, even with that kind of a move, the correction when it comes will put us at the current level.  That says there is too much risk near term to be long futures and why we are now out watching.  Cash sellers should be watching daily to see about selling some 1st quarter corn.  For now, we will wait to see if the market can hold above support.  A close Monday under $3.85 may bring in a test of support at $3.75.  Overhead, March targets $4.05.

Wheat  - Finished off the lows but unchanged and below the current down trend line.  We are not ready to push sales for the 1st quarter here either so just watch.  If corn rolls over, we could get a down draft off of the trend line here.  Open Interest is up in the COT report for the week but not near the levels of over bought like corn.  We will buy breaks here for sure.

Beans - Down today in what is called quiet trade.  No spec buying was around so profit taking took it down 9 cents or so.  Nothing new for us here.  We have our main short term system telling us a down trend has started but again it has said that before only to turn...still it is accurate a lot of the time so a warning shot is being fired.  Next week early, corn had better find support or there will be problems.

Rice - We got our follow through today but the market settled off of the highs after the buying dried up.  Still, this close is one of the highest since September 1st and it will get some of the technical traders thinking about being short at all.  Next week will be interesting and especially to see if we close at anytime next week, higher then today's high. 

Natural Gas - Read last night.  We said it had a 50-50 chance of holding over $8.61 which we thought would be tested.  It closed at $8.43 telling me...we are still sideways.  We will buy it against recent lows. 

Dow - After being down 130 points, we came back 100 of that and finished looking not that bad.  It is too early to say the correction is over and we will now march for 12,400 but the longer we stay over today's low, the better chance we will work on higher.  It is as if the market is going up on no bullish news at all which is what I call, the last sucker to buy it phase.