Stocks, and in turn most everything else, is getting smashed today. ISM was bearish on balance. The headline number showed an increase, but new orders and employment both fell. The AIG mess is casting a new pall over the US financial system.All this is really hammering a broad swath of commodities-I don’t see any commodities higher on the day.

March S&P:717 was a downside breakout point, next support is 702 then 700.
March NASDAQ:The November low for the NASDAQ is 1021. It has been holding in better than the other indices.
June Treasury Bonds:Bonds aren’t as strong as one might expect given stocks.Resistance is still 12502, then 12521.5
March Japanese Yen:Some strength today, but can’t get by Friday’s high.I’m looking to sell.
March British Pound:Downside breakout under 14050.
April Gold:I don’t think it knows where to go-last week did some damage to the bulls.It’s spent a lot of time in the mid $940 area lately, should get moving soon.
May Silver:As gold, should be ready to move soon.
May Cocoa:Breaking 2300 got a new down leg going.It might bounce tomorrow, but the path of least resistance is lower.
May Sugar:Wow.It was a breakout setup, but I don’t think anyone expected this. 1290 was the base this rally took off from. Look for lower prices.
May Coffee:There was a double bottom from December around 10850, a close below there is bearish.
May Cotton:The break below 4351 set off this selloff. Longer term support is around 40.
April Crude Oil:Big selloff on a breakout day.4117 was a 50% retracement of the past two weeks’ rally.
May Corn:The break below the recent low at 350 targets the December low at 315-6.

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