The Hightower Report - Opening Calls

02/08/2010

Bonds -130 Sugar +27 Beans +12.0 Crude -4
S&P 500 -1.9 Cotton +91 Meal +29.0 Unleaded -14
Dow -18 Cocoa -3 Soyoil +48.0 Heat +24
Yen -9 Coffee +0 Corn +4.0 Nat Gas +105
Euro +20     Wheat +5.5    
Swiss +4         Gold +14.90
Canada +32     Cattle +10 Silver +26.00
Pound -37     Hogs +25 Platinum +6.9
Dollar -4         Copper +155

DAILY MARKET SUMMARY
STOCKS: A temporary pause in the selling but the trend remains down
BONDS: Slight less sovereign debt concerns to temporarily deflate Treasuries
CURRENCIES: Temporary bounce in the Euro not an end to the down trend
COPPER: We don't get the sense that copper has forged a solid low yet
METALS: Only a temporary respite from the downward bias
CATTLE: Positive tilt but Russia and now China have issues with US poultry
HOGS: Too many demand issues to expect recovery bounce on positive supply news
BEANS: Seems too oversold to follow financials lower; EPA news supports
CORN: New lows with modest recovery rallies should be near term pattern.
WHEAT: Outside markets providing pressure, but sellers are lacking in wheat.
ENERGY: Any technical bounce in oil will be limited by a bearish fundamental setup
COTTON: Look for a short term bounce amid a long term continued sell off.
COFFEE: Still no technical sign of low but damage done and outside markets up
SUGAR: Choppy to higher trade early this week with commodity recovery bounce
COCOA: Very oversold, but bearish chart pattern keeps downside risk in place