LIVESTOCK: August live cattle closed up $0.07 at 104.62 

today. Prices closed near mid-range in quieter trading. A

big and bullish double-bottom reversal pattern stillcould 

be forming on the daily bar chart, to suggest a market 

bottom is in place. But right now the bears still havethe 

overall near-term technical advantage. 

August feeder cattle closed down $0.17 at $146.57 today. 

Prices closed near mid-range. The feeder cattle market 

bulls and bears are on a level overall near-termtechnical 

playing field. A bullish double-bottom reversal patternhas 

formed on the daily chart. 

July lean hogs closed down $0.55 at $79.40 today. Prices 

closed near mid-range and saw a corrective pullback from 

Wednesday’s strong gains. The hog bears still have the 

slight overall near-term technical advantage. 

GRAINS: July corn futures closed down 1 3/4 cents at 

$3.76 1/2 today. Prices closed nearer the session low and

hit a four-month low today. The corn bears have the firm 

overall near-term technical advantage to suggest more 

downside price pressure in the near term. 

July soybeans closed 20 1/2 cents at $9.73 3/4 a bushel 

today. Prices closed near the session low and hit a five-

month low today. Bears have the overall near-termtechnical 

advantage and have downside technical momentum on their 

side. 

July soybean meal closed down $5.80 at $359.20 today. 

Prices closed near the session low and hit a four-monthlow 

today. The meal bears have the overall near-termtechnical 

advantage and have downside momentum. Prices are in afive-

week-old downtrend on the daily bar chart. 

July bean oil closed down 5 points 30.60 cents today. 

Prices closed near the session low today. The bears have 

the overall near-term technical advantage. 

July SRW wheat closed up 7 3/4 cents at $5.27 1/2 today. 

Prices closed near mid-range today on more short covering

and bargain hunting. SRW bulls have the overall near-term

technical advantage. 

July HRW wheat closed up 5 1/2 cents at $5.45 1/4 today. 

Prices closed nearer the session low today. The bullshave 

the overall near-term technical advantage. 

SOFTS: July sugar closed down 47 points at 11.73 cents 

today. Prices closed nearer the session low today, hit a 

two-week low and scored a bearish “outside day” down onthe 

daily bar chart. The sugar bears have firm the overall 

near-term technical advantage and gained fresh powertoday. 

July coffee closed down 250 points at 115.75 cents today.

Prices closed near the session low again today and closed

at a contract low close. The coffee bears have the solid 

overall near-term technical advantage and gained morepower 

today. 

July cocoa closed down $28 at $2,268 a ton today. Prices 

closed nearer the session low and hit another three-month

low today. The cocoa bears have the overall near-term 

technical advantage. Prices are in a six-week-olddowntrend 

on the daily bar chart. 

July cotton closed up 131 points at 92.28 cents today. 

Prices closed nearer the session high. The bulls have the

solid overall near-term technical advantage and have 

regained chart power. 

July orange juice closed down 140 points at $1.6450today. 

Prices closed nearer the session low today. While bulls 

still have the overall near-term technical advantage, 

recent pressure begins to suggest a market top is inplace. 

July lumber futures closed up $6.00 at $598.70 today. 

Prices closed nearer the session high. Recent strong 

selling pressure still suggests a major market top is in 

place. 

METALS: August gold futures closed up $0.30 at $1,301.70 

today. Prices closed nearer the session low today. Gold 

price action has turned choppy and sideways recently. The

gold bulls and bears are on a level overall near-term 

technical playing field. 

July silver futures closed up $0.136 at $16.83 today. 

Prices closed near mid-range and hit a six-week hightoday. 

The silver bulls have regained the slight overallnear-term 

technical advantage field. 

July N.Y. copper closed up 180 points at 328.00 cents 

today. Prices closed near mid-range and hit a 4.5-month 

high today. The copper bulls have the firm overall near-

term technical advantage. However, the market is now 

overbought and due for a corrective pullback very soon. 

ENERGIES: July Nymex crude oil closed up $0.98 at $65.71 

today. Prices closed nearer the session high today onshort 

covering and bargain hunting. The recent sell-off still 

suggests a market top is in place. 

July heating oil closed up 413 points at $2.1679 today. 

Prices closed nearer the session high today. Given the 

steep losses in crude oil recently, it’s also likely 

heating oil has topped out, too. The bulls still have the

overall near-term technical advantage. 

July (RBOB) unleaded gasoline closed up 463 points at 

$2.1163 today. Prices closed near the session high onshort 

covering after hitting a four-week low on Wednesday. Big 

losses in crude recently suggest gasoline has peaked,too. 

The bulls still have the slight overall near-termtechnical 

advantage. 

July natural gas closed up 4.0 cents at $2.936 today. 

Prices closed near mid-range today. Bulls have theoverall 

near-term technical advantage amid recent choppy trading.

The next upside price breakout objective for the bulls is

closing prices above solid technical resistance at the 

January high of $3.01. 

CURRENCIES: The September Euro 

currency closed up 43 points at 1.1903 today. Pricesclosed 

near mid-range and hit a two-week high on more short 

covering. A bullish weekly high close on Friday would 

suggest a near-term market bottom is in place. The bearsdo 

still have the overall near-term technical advantage. 

The September Japanese yen closed up 385 points at .91780

today. Prices closed nearer the session high today. Bears

still have the overall near-term technical advantage. 

The September Swiss franc closed up 63 points at 1.0296 

today. Prices closed near the session high and hit a six-

week high today. The Swissy bears still have the overall 

near-term technical advantage. However recent priceaction 

suggests a market bottom is in place. Prices are in a 

fledgling uptrend. 

The September Canadian dollar closed down 155 points at 

.7725 today. Prices closed near mid-range today. Thebears 

have the firm overall near-term technical advantage.Bulls' 

next upside price breakout objective is closing prices 

above solid chart resistance at the May high of .7875. 

The September British pound closed up 18 points at 1.3491

today. Prices closed near mid-range today. The bearsstill 

have the firm overall near-term technical advantage.Prices 

are in a six-week-old downtrend on the daily bar chart. 

The September U.S. dollar index closed down 0.294 at92.915 

today. Prices closed near mid-range and hit another two-

week low today. The bulls still have the overallnear-term 

technical advantage. However, a bearish weekly low closeon 

Friday would begin to suggest a market top is in place. 

September U.S. T-Bonds closed up 28/32 at 143 9/32 today.

Prices closed nearer the session high and scored abullish 

“outside day” up on the daily bar chart today. The bond 

market bears still have the overall near-term technical 

advantage. 

September U.S. T Notes closed up 8.5 (32nds) at 119.17.5 

today. Prices closed near mid-range today and scored a 

bullish “outside day” up on the daily bar chart. Thebears 

have the overall near-term technical advantage. 

GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed 

lower today, on profit taking after the S&P hit a2.5-month 

high and the Nasdaq a contract high this week. Worldstock 

markets were mostly firmer overnight. There remainskeener 

risk appetite among traders and investors in the world 

marketplace. In overnight news, the Euro zone reportedits 

gross domestic product (GDP) rose at an annual rate of1.5% 

in the first quarter of this year. That is well down from

the 2.8% growth rate seen in the bloc in the fourthquarter 

of last year. Traders are looking ahead to this weekend’s

Group of Seven meeting between the major industrialized 

countries of the world. Trade and import tariffs will 

likely be the major topic of discussion among the finance

ministers of the major world economies.