This does not feel like Spring Break to me as I need to be glued to the screens. The good news being I live in Ft Lauderdale it may feel like Spring Break at the beaches this weekend. A small victory today as we had a bearish engulfing candle in oil. As of this post prices are $2 off their intra-day highs. We were lucky enough to buy back our bottom legs this morning when oil was positive and now clients own May $75 puts and should be able to profit on the trade as prices make their way closer to $77/76. $5 put spreads that were bought within the last few session stay put looking for lower trade. It has been a long 5 weeks as natural gas lost another 15 cents this week. We are lonely in this trade as most people doubt we can turn around anytime soon but clients remain long via future and options as they believe as do I that we will be back over $5 within a month. Clients still hold June puts in the ES and SP but as prices closed at a fresh high yesterday we advised them to cut losses on futures. We still think we could get a nasty correction but until the markets tops there is no reason to fight the tape.

Next week will be key in sugar to see if the almost 35% correction was enough to attract fresh buying. We think it was and expect a grind higher from here. Cotton rallied about 2% today; it was too good to be true down all 5 sessions this week. Clients are short still looking for 75/76 cents in May. Corn has been down for the last 7 session but it has only dropped 20 cents in that time frame. We like being long via options and futures and have advised clients to lift all their short hedges. I would favor July options to May and if interested in futures we would trade the new crop December futures. May soybean oil is down 3.5% in the last 2 sessions; another 1-2% and we would look to book profits on shorts. Stay out of cattle's path; April made a new high today lifting prices to levels not seen since the fall of 2008. We feel we are close to a top but like stocks there is no reason to jump in front of a freight train. There will be a time and place to get short and we will advise when but not yet.

April gold traded below $1100 but closed just above that level. We think more down side is likely and currently own NO gold for clients. Likewise with silver we feel we could get some pressure short term. Assuming the recent H/L a 38.2% Fibonacci retracement is $16.40 and 50% is $16.10. The closer prices are to $15.75 the more aggressive of a buyer we would likely be for clients. Copper prices really did not go anywhere but we did close down all 5 sessions this week. We are thinking if we see another leg down here or overseas copper could get hit 10-20%. The dollar closed down for the third consecutive week and ended below the 34 day moving average for the first time since mid-January. If the dollar continues lower look for all the currencies to temporarily gain. We are using the volatility to scalp intra-day for clients in the Pound and Yen. Clients remain short the Loonie via June puts and took some heat today but should be fine in the coming weeks.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

So far this week we have traded a very choppy and volatile $37.50 range. The weakness of the Gold market has been attributed to the U.S Dollar's strength. It appears this European Credit Crisis that has put an unbelievable strain on the Euro is not going away anytime soon. We are all aware of Greece's budget debt and the vast and severe cuts the Greek Cabinet has ordained to receive help from the European Union Central Bank. However there is much more here than previously realized from the investment community. Not only was Greece's fiscal problems worse than originally thought it has been revealed that Portugal, Ireland, Spain and Italy are having there own debt crisis.
With this economic climate it is truly amazing the 'precious metals' have been able to maintain the $1100.00 level.

Also adding pressure to the precious metals inability to maintain or retain gains is the speculation regarding the Peoples Bank of China once again raising interest rates due to HIGHER than expected inflation in China. They have been sending mixed signals to
the world regarding their appetite for Bullion. First they boast about building their reserves from 1500 metric tons to 10,000 metric tons over the next decade. Yet recently they have stated they will curtail their bullion imports to help slow their ever growing economy. Only time will tell what the worlds largest consumer will do.

Meanwhile the jewelers of India have been huge Bullion buyers in the Asian Gold market and have deemed it as "Bargain Hunting". The Indians have been buying price dips since early December. Indonesia and Viet Nam have also been buyers of bullion...

Jobless Claims dropped 6,000 to 462,000.

Unexpectedly the Trade Deficit dropped 6.6%.

Let's talk Gold!

Mike Daly / Gold Specialist
PFG BEST
mdaly@pfgbest.com
877-294-4669
312-775-3014
312-563-8029

* There is Extreme risk trading futures, options, and forex*

Markets seem to waiting for some type of catalyst to determine the direction of the next leg. Inside day in Crude oil as prices hover around $82/barrel. For new entries we still like the idea of $5 put spreads but we would start looking at the June as opposed to May contract. If currently in the May we would try to buy back the bottom leg; we have suggested for clients to buy back their $70 puts and that would leave them long the $75 puts. A disappointing day for longs in natural gas as yesterday could prove to be just a head fake. Clients remain long via April futures and June call spreads as prices were off 2.4% today.

As of this post indices are at the high of the day; we think we are close to an inflection point but we've been wrong for the past 2 weeks. If the S&P closes above 1148 exit short futures at a loss. Fourth consecutive down day in sugar but we are assuming yesterday's low at 18.82 in May will serve as support. May cotton has lost 3.8% in the last 5 session and closed below the 20 day moving average for the first time since February 8th. We are expecting another 2-4 cents and will then be advising clients to lift shorts. Corn was flat on the day while wheat was a small loser and soybeans giving up almost 3%. A larger crop from South America could pressure soybeans another 30-50 cents. Clients are long July soybean meal and down but we are looking for prices to rebound within that time frame, we may average in next week. Additionally they own puts in May soybean oil and should be able to book a profit next week on a move under 39.00 in May.

Trail stops down if you are short lean hogs; if the 9 day MA gives way we should see a trade under 70.00 cents in April. Mixed bag in metals; we are still anticipating a trade lower in gold, silver, and copper before we see any substantial upside. The Commodity currencies (Kiwi, Aussie, Loonie) look vulnerable; clients remain short the Loonie expecting a trade under .9500.

Risk Disclosure: The risk of loss in trading commodity futures and options can be substantial. Past performance is no guarantee of future trading results.

Seasonal tendencies suggest that wheat tends to peak out & fall throughout the summer season (Wheat is just tasty grass after all). To take advantage of this tendency, we recommend the following trade strategy.

Trade Recommendation

BUY 1 SEPT WHEAT 480 PUT/ SELL 1 SEPT WHEAT 420 PUT/SELL 1 SEPT WHEAT 580 CALL

The trade is currently being executed for even money to a small credit plus commissions (there are three). Maximum profit on the trade is $3000. The trade has unlimited risk above 580 in the Sept Wheat futures contract.

Please contact us with any questions or assistance in placing these trades
Paul Brittain - Whitehall Investment Management of Las Vegas
www.whitehallvegas.com

There is a substantial risk of loss in trading futures and options
Past performance is not indicative of future results.

May soybean futures at the Chicago Board of Trade on Thursday gave back all of Wednesday's short-covering gains, and then some. Prices hit a fresh four-week low of $9.33 3/4 as of this writing. Price action this week has put a three-week-old downtrend line in place on the daily bar chart for May soybeans.

Bears have regained downside near-term technical momentum this week. Their next downside price objective is to produce a close below strong technical support at the February low of $9.11, basis May futures. Above that key price level is located chart support at $9.28 3/4 and then at $9.20 a bushel. For the soybean bulls to regain some upside near-term technical momentum they will have to push and close May futures prices above solid technical resistance at this week's high of $9.64 1/4. Below that key price level is located chart resistance at $9.41, at $9.50 and then at $9.60 a bushel. Stay tuned! Jim Wyckoff

According to reliable sources, the S&P futures have only closed positive 9 sessions in a row twice since 1987 prior to today. However, the March contract closing in the green on Wednesday makes it three times. The others occurred in 2003 and 2009.

The index has only posted gains in 10 consecutive sessions once and has never closed higher 11 in a row. Another startling stat, S&P futures have closed positive in 16 of the last 18 sessions and has moved over 100 handles from the early Feb low.

The market is clearly overbought and due for, at minimum, some back and filling but there is no telling how high the squeeze could see before stocks turn over. Our resistance in the March S&P at 1148 held but we are hearing that there are a substantial number of stop orders accumulating above 1148 which run through 1153ish....so there could be one more run left in the move. The question is, will there be any bears left to benefit from a potential correction?

It feels like this market wants to go up forever, but that is usually when it doesn't. near term resistance in the three major indices is 1148 (March S&P), 1921 (March NASDAQ) and 678 (March Russell). However, it seems like a blow off top could bring us to the next levels...1153ish, 1940 and 683.

According to our trusty sources on the CME floor, the last 11 times that the S&P has closed positive for 8 consecutive sessions the next trading day has seen a red close 81% of the time. This ignores magnitude but seems to be evidence that the market might be a little overheated up here.

Based on conversations that I have had with other analysts/traders, it is clear that the current rally has pummeled the bears into submission. It appears as though, many have run out of capital and conviction and have therefore, moved to the sidelines. Unfortunately, this can often be a precursor to a market reversal. Remember, markets tend to cause as much pain as suffering to speculators as possible and a reversal from here would catch the complacent bulls sleeping and act as the thorn in the side of the bears that have thrown in the towel.

Also, the headlines have gone from bearish to bullish and S&P 1300 seems to be back into conversations. However, it is the exact bullish sentiment that is luring sidelined cash into the market that makes me doubt the ability of recent gains to hold.

We don't know where the exact highs of this move will be, and if you have been following this newsletter you have likely realized that we turned bearish far too early into this rally. Nonetheless, we can't "buy" into this move.

We are sticking to yesterday's technical numbers...Resistance in the S&P near 1148 (but our floor brokers think 1153ish). The NASDAQ should struggle near 1921 with the next technical level being 1940 (ouch!). The Russell faces resistance at 673 and then again at 682.

* Due to time constraints and our fiduciary duty to put clients first, the charts provided in this newsletter may not reflect the current session data. However, market analysis and commentary does. Charts provided by Track 'n Trade, Gecko software.

**Seasonality is already be factored into current prices, any references to such does not indicate future market action.

Please note: A mini S&P chart is used because it is better for charting purposes, but trade recommendations can be applied to either the full-sized S&P or the mini. Unless otherwise noted, profit and loss will be based on the mini version.

S&P 500 Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

February 19 - Our clients were advised to sell the April 1165 calls for about $7.50, fills were coming in near $7.25 and a handful at $7.50.

March 5 - Clients with ample margin and guts, were recommended to add to this position by selling the 1165 calls for $9.50.

Russell Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 9 - Sell 1 mini Russell @ 682 OB

Please note: A mini-NASDAQ chart is used because it is better for charting purposes, trade recommendations will denote whether a mini or full sized contract should be used.

NASDAQ Futures and Options Trading Recommendations

**There is unlimited risk in naked option selling and futures trading

Position Trade -

March 3 - Sell 1 e-mini NASDAQ at 1878 or better

Carley Garner
Senior Analyst / Commodity Broker
DeCarley Trading
cgarner@DeCarleyTrading.com
1-866-790-TRADE
Local : 702-947-0701

www.DeCarleyTrading.com
www.ATradersFirstBookonCommodities.com

*Due to the volatile nature of the futures markets some information and charts in this report may not be timely.

There is substantial risk of loss in trading futures and options.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Seasonal tendencies suggest that grains rally throughout the spring, however this is a tendency only, uncertainty always exists. To hedge against downward pressure on soybean prices, we offer the following trading strategy - a 1 by 2 soybean put spread using November options.

Trade Recommendation

BUY 1 NOV SOYBEAN 880 PUT/ SELL 2 NOV SOYBEAN 820 PUTS.

The trade is currently being executed for close to even money. Maximum profit on the trade is $3000. The trade begins to lose money below 760 on the November Soybean futures contract.

Please contact us with any questions or assistance in placing these trades

Paul Brittain Email: paul@binvstgrp.com

Whitehall Investment Management of Las Vegas

www.whitehallvegas.com

There is a substantial risk of loss in trading futures and options

Past performance is not indicative of future results.

The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.