Crude oil was higher for the first time in 4 sessions but we only gained 70 cents after the $7 route that is not much. It appears that buyers are emerging but we would suggest waiting for the inventory # this week before establishing fresh positions. For now $70 should support and $73 should act as resistance in the March contract. Natural gas reversed to close down almost 2% on the day. Clients are flat though we think lower pricing is likely we wish to have no exposure. Clients are starting to buy June RBOB call spreads anticipating prices to get back above $2.20 in the coming months; we like this trade and clients currently own $2.16/2.28 spreads. We will be looking to sell rallies in the ES and SP for clients; we see resistance at 1069, 1084, 1100.

For the most part softs and ag's were bid up today ahead of tomorrow's USDA report. Sugar closed back above the 50 day moving average but well off its highs today gaining 1.6%. We are still looking for a trade lower and are pricing out May and July calls to purchase if we get a break. On a trade near $1.50 in May OJ we will be looking for an exit on clients longs. Corn a gainer by 1.3%, wheat by 2.25%, soybeans up by 1.75%. Clients are positioned long corn and soybean meal. Continue to scale into short exposure in the Euro-dollar! We are continuing to get mixed signals in live cattle; the fundamentals say lower and the technicals say higher so be careful. Clients are in a delta neutral strategy in April live cattle. April lean hogs are back above the 20 day moving average but failed to get above the trend line. We have no exposure with clients and would suggest giving the trade a few days before making a call on direction.

Silver and gold were slightly higher but we still have yet to be 100% convinced that the selling is over. Clients are lightly long silver and have no gold exposure unless they put the trade on themselves. Clients were advised to go long the Aussie today via June 90 cent calls; today at just under $1400/per. Additionally currency traders are still long the Euro and short the Yen. This trade got a little better today but clients are still under water.

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

Today was a slow news week, but things pick up a little in the next few days. Traders are awaiting another round of record Treasury auctions as well as Wednesday's Bernanke testimony on "exit strategies". The Fed has made it clear that they will slowly reduce their accommodative policy in regards to lower interest rates before actually hiking the Fed Funds target.

The U.S. dollar ran into some selling pressure and that worked against the Treasury bulls. It seems as though the positive correlation between the domestic currency and government backed fixed income securities is becoming a little more obvious. Although there is some room for error, we are looking for the near-term direction in both assets to be lower.

Bulls and bears will battle tomorrow over the significance of market supply and safe haven buying and the auction results could be the deciding factor. We are approaching the week with a "sell on rallies" mentality but caution that the absolute highs might not be in. We see some risk (based on the week's events) of a run in the long bond to the 120 area but at such levels we would be bears. In the meantime, support in the March T-bond lies at 118. If you are trading the 10-year note, look for resistance at 119 and then again at 119'20. However, we favor a pullback to support near 117'20.

The five year note could see 117'18 should things get out of hand in equities, but if these levels are seen they should be a good place to be bearish.

* 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.

Treasury Bond and Note Option Trading Recommendations

**There is unlimited risk in naked option selling.

Flat

Treasury Bond and Note Futures Trading Recommendations

**There is unlimited risk in trading futures.

Flat

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

*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.

After starting the week on a firmer note, oil prices fell sharply toward the end of the week in a general market sell-off as investors sought the dollar as a safe haven amid worries about European Union economies.

Debt problems that have plagued Greece are now spreading to Portugal and Spain, driving the euro down temporarily below $1.36 and bringing the dollar to an 8-month high. Because oil and other commodities are priced in dollars, gains in the U.S. currency usually translate into declines in oil prices.

Even a decline in the U.S. jobless rate below 10% on Friday could not stop the downward trend in commodities.

Some analysts were predicting that crude oil futures, which crashed through the longtime support level of $72 dollars a barrel to dip briefly below $70 for West Texas Intermediate in Friday afternoon trading, were sliding downward into a new trading range of $65 to $72 a barrel, after oscillating between $72 and $80 the past several weeks. Crude oil, which settled just above $71 a barrel on Friday, has dropped nearly 15% since hitting its 15-month high just above $83 on Jan. 6.

Energy news also depressed prices. Crude oil inventories in the U.S. rose 2.3 million barrels in the week, several times what economists had been expecting. In Asia, China is importing more crude than it needs, analysts said, apparently with intention of exporting more refined products, which would weigh on the global market.

Earlier in the week, positive manufacturing data from several economies had driven up energy prices to above $77 a barrel as market participants saw signs of stronger economic recovery. But that gave way to the concerns about a debt contagion in Europe and the impact of austerity measures to bring debt under control.

The new scramble into the dollar as a safe haven was evident in the sharp drop in gold prices, which fell more than 4% on Thursday, and fell further on Friday to about $1,050 an ounce. Gold had risen in the past few months as a safe haven from the dollar.

Now cash - dollar cash - seems to be the preferred safe haven for many investors. The Dow Jones Industrial Average, which spent most of the day well below 10,000, recovered in a late rally to close above that threshold with a small gain.

By Darrell Delamaide for OilPrice.com who focus on Fossil Fuels, Alternative Energy, Metals, Crude Oil Price and Geopolitics To find out more visit their website at: http://www.oilprice.com

Crude will close down about $1.50 on the day and about $6 off its highs intra week highs. The fact that prices did not break down and heavy buying came in below $70/barrel this correction may be close to over. Clients are still holding their May call spreads and are under water but we expect this trade to be profitable. We have NO opinion here until the dust settles. We have no long or short exposure in natural gas with clients.

We started to buy June RBOB call spreads this week and will most likely be adding to this position in the coming weeks. We expect to see a rally in Indices to start next week. That being said we're not saying to get long but rather to use this rally to exit positions or to sell; ideally we get a window of 1105/1115 in the ES and SP to sell. Softs were crushed today with cocoa losing 3.8%, sugar down by 5.3%, cotton by 3.4%, OJ by 2.4% and coffee by 2%. Sugar closed just below the 50 day moving average; we are pricing out July bullish plays but have yet to make a move. Prices are down 13% just this week but remember prices were at a 29 year high so there could be more downside...stay tuned.

We suggested a buy in cotton if we saw a drop which we have seen but re-evaluating we think it is possible to fill the downside gap from October which would take prices about 3 cents lower so hold off for now. As Treasuries make their way closer to 121′00 in the March contract we are more interested in gaining short exposure for clients; at the moment we are flat. We misspoke about the USDA report; it is next Tuesday not Monday. Clients are lightly long May soy meal and hold calls in May and July corn. As for the December corn futures clients are long and have bought March puts for protection into the USDA report. The delta neutral strategy is allowing us to stay about even in the live cattle even with prices moving higher; clients are short April futures and Long (3) April 92 calls. Originally the trade was expecting to see prices down in the short term and higher in the medium to longer term. The 100 day moving average held today in April gold but to determine if the bleeding is over will be up to the dollar next week. We think it is aggressive but after the near $85 break in prices one could wade back in futures lightly. We see support in April at $1140 followed by $1125. The $14.75/14.90 level is a buy in March silver in our opinion, today's low was $14.65.

Traders may need to risk down close to $14 so trade accordingly. We still prefer $2 call spreads in May or out rights in July. Today some clients bought $18 July calls for just over $2000/per. We think a trade back over $20/ounce in 2010 is likely so buying at these levels though painstaking in the short run could prove to be very profitable. The Euro/yen trade hit clients a little today but we think the worse is behind them. We will treat this as 2 different trades and on rally above 1.38 exit the Euro next week. Over the weekend if we get rhetoric out of Euro-zone DO NOT rule out a quick trade to 1.39/1.40.

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

This week in the precious metals has seen a vast range in both the Gold and Silver markets due to the recent data that has produced mammoth swings regarding the U.S Dollar internationally. This week we have seen: April Gold trade a high of $1026.40 on 2/3 and as low as $1059.00 on 2/4 (GLOBEX) while Silver traded $16.95 on 2/3 and as low as $15.30 on 2/4.

The recent sell-off was of avalanche proportion caused by the overall global uncertainty.
The Euro traded a seven month low versus The U.S Dollar as the European Central Bank announced it would keep its interest rates unchanged at 1%. The list of European
countries disclosing there budget deficit crises seems to be ever growing. Portugal, Greece, Spain and most recently Ireland has been added to the list of European Union countries in trouble. ECB Chief Jean-Claude Trichet predicted "high public debt and deficit would place additional burdens on monetary policy" and "many members will have large, sharply rising fiscal imbalances".

Crude Oil fell more than $4 a barrel (at one point) as rising Crude Oil inventories and this week higher unemployment numbers have weakened the demand for Gold as investors tend to buy Gold as a hedge for Crude Oil- led inflation.

Meanwhile the Asian market has not curbed its physical bullion buying especially as the Chinese New Year celebration is but a week away. The ever growing middle-class of China has certainly been bitten by the Gold Bug and is buying Gold as a tangible hedge to protect their new found wealth. During the Chinese New year celebration the giving of gifts are tradition. Gold has become a gift of choice.

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

*there is extreme risk in trading futures,options, and forex*

Crude was down 5% today which hurts being we've let a wining trade become a loser for clients. They are out of all their futures with no damage done but still hold May $7 call spreads. Relatively speaking we are only back to levels from 4 days ago but the path we took here is why I'm concerned. On a $2 bounce in the futures they should be able to get back to cost. We advised clients to go flat on all their natural gas. We used the near 10 cent correction in RBOB today to buy; clients are long 12 cent call spreads in June.

We used a day like today to buy because premiums were hit hard. The rally we were looking to sell never materialized and with Indices making new lows into the close we may miss the trade on futures. We will have an option strategy in coming sessions but no doubt the trend is DOWN. We highly suggest lightening up on your equity exposure or implementing hedging strategies. From zero to hero in 3 days in the sugar calendar spreads (short March/ long July) as we exited today for clients at a profit of just over $500/per after being down $1600 just a few sessions ago. On a further retracement in sugar we will be looking to get outright long. In March the 50 day moving average and 50% Fibonacci retracement comes in at about 26 cents; about 5.5% from the current levels. We may not wait for $1.50 on the May OJ if we can get a smaller profit for clients tomorrow we are going to cash. As long as there are sovereign debt concerns

Treasuries will move higher! At the moment we are not trading 30-yr bonds or 10-yr notes for clients but we are anxious to get short if prices are bid up in the coming sessions. Use the rally in Euro-dollars to scale into shorts. Even in the face of a global sell off Agriculture gained on the day. We maintain bullish exposure in soy meal and corn for clients after taking a small loss in soybeans. We suggest light long exposure in corn into Monday's USDA report. A $200 profit did not seem worth it when we exited clients June gold spreads yesterday but we are thankful we did after today's action. Clients futures were stopped at $1105/1107 and current prices are $1065...thank you stop loss.

On April gold we see the next stop $1025/1040. Silver was lower by 6.5% today; $14.75 would be a 61.8% Fibonacci retracement. Buying futures blindly is not wise unless you have plenty of margin or you're using stop losses. We suggest May and even July option exposure. Today some clients bought May $17/19 call spreads and July $20 calls. The dollar is at a 5 month high but as we suggested in our commentary Monday we think that this move is nearing an end and would expect a sideways 77/80 range moving forward. We are sorry to say we got back in the Euro-Yen spread with clients and took some serious heat today. On a rally to 1.3825/1.3850 in the Euro-currency we will leg out. As for the Yen as things worsened intra-day we suggested clients to buy June 111/118 call spreads against their March shorts. This trade is volatile and unless you can swallow heavy swings it is not for you.

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

US DEBT REVIEW AND OUTLOOK

US TREASURIES gave up recent gains on Wednesday as the complex broke through a number of near term support levels, moving to challenge the breakout downside of its range. US fixed income came under pressure after the ADP report on job losses (gains) in the private sector showed continued slowing in the pace of jobs lost. The data set the tone for Treasuries throughout the session; as traders took the report as a possible sign of better readings from Friday's US government data on payrolls and unemployment. Weaker than expected readings on growth in the services sector by the Institute for Supply Management failed to slow the fall in Treasury futures prices.
Expectations are for the markets to remain in a tight technical range ahead of Friday's data. The March contract could take an attempt to test 116-24 between now and Friday. Initial support for the contract should be found at this level. Retracement range for 30 years to the upside should find resistance at 117-23 and 117-28, as a narrowing channel pattern is likely to form.

US EQUITY REVIEW AND OUTLOOK

Stocks posted a mixed session on Wednesday, with the S&P 500 posting the worst record of the 3 major indices. NASDAQ futures actually posted strong gains today as value hunters came in to pick up perceived bargains in large cap tech stocks ahead of strong earnings numbers from Cisco. The bellwether for IT networking did post better than expected numbers after the market closed, though markets appeared to have factored that in already.

Negative sentiment on equities held through the broad market after a slightly weaker reading on the services industry was reported and traders looked to take some gains off the table after the two session rally off support levels in the major market indices. The markets traded in a relatively narrow range ahead of Friday's US employment data. Earnings continue to outperform most analyst expectations. However a breakout based on these numbers appears unlikely as traders continued to develop the mindset that the easy money has been made and the next catalyst to drive gains in stocks remains uncertain.

Technically, March S&P futures continue to work out its new range parameters. Resistance levels remain in place at 1103.00 and 1108.00. A close above these levels will set up possibility for run at 1118.00. Support remains in place at 1087.80, with a break of this level setting up retest of 1082.00.

Prepared by Rich Roscelli & Paul Brittain.
Please voice you market opinions, thoughts and questions: email to rich@binvstgrp.com Additional Information can be found at www.whitehallvegas.com

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. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. 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.

March soybean oil futures at the Chicago Board of Trade on Tuesday popped to a fresh two-week high and gained over 100 points on the day. Short covering, or the buying back of previously sold positions, and fresh speculative bargain-hunting buying were featured. Bullishly postured "outside markets" also supported buying interest in soybean oil Tuesday, as crude oil futures prices were sharply higher and the U.S. dollar index was weaker. The bean oil bulls did gain a bit of fresh near-term technical momentum on Tuesday. The very short-term moving averages (4-day and 9-day) did produce a bullish line crossover signal on the daily chart for March soybean oil, as the 4-day crossed above the 9-day moving average.

A very steep downtrend line drawn from the January high has also been negated in March soybean oil. However, the soybean oil bulls need to show that technically important follow-through buying strength yet this week to begin to suggest that a market low is in place. Strong overhead technical resistance for March soybean oil is located at 38.00 cents. Strong technical support is located at this week's low of 35.80 cents. Stay tuned! Jim Wyckoff