OUT LOOK

February gold closed lower on Wednesday as it consolidated some of this winter's rally. The mid-range close sets the stage for a
steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might
be in or is near. Closes below the 20-day moving average crossing at 854.60 would confirm that a short-term top has been
posted. If February extends this winter's rally, Monthly resistance crossing at 930.00 is the next upside target. First resistance
is Tuesday's high crossing at 916.10 then monthly resistance crossing at 930.00. First support is today's low crossing at 875.00
then November's high crossing at 855.00.

March silver closed lower on Wednesday and as it consolidated some of the rally off December's low. The mid-range close sets
the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning bearish hinting that a
double top with November's high might have been posted earlier this week. Closes below the 20-day moving average crossing at
15.292 would confirm that a double top with November's high has been posted. If March extends the rally off December's low,
weekly resistance crossing at 17.000 is the next upside target. First resistance is Monday's high crossing at 16.715 then weekly
resistance crossing at 17.000. First support is today's low crossing at 15.770 then the 20-day moving average crossing at
15.293.

March copper closed lower on Wednesday and below the 10-day moving average crossing at 324.05 signaling an end to this
month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average
crossing at 314.71 are needed to confirm that a short-term top has been posted. If March renews the rally off December's low,
the 62% retracement level of the October-December decline crossing at 340.79 is the next upside target. First resistance is
today's high crossing at 323.35. Second resistance is the 50% retracement level crossing at 330.22. First support is today's low
crossing at 314.70. Second support is the 20-day moving average crossing at 314.71.

February crude oil closed lower on Wednesday as it extended this month's decline and spiked below the reaction low crossing at
89.15. A short covering rally tempered early losses and the mid-range close sets the stage for a steady opening on Thursday.
Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible. If
February extends this month's decline, December's low crossing at 85.37 is the next downside target. Closes above the 10-day
moving average crossing at 94.41 would temper the near-term bearish outlook in the market. First resistance is the 20-day
moving average crossing at 94.28. Second resistance is the 10-day moving average crossing at 94.41. First support is today's
low crossing at 88.94. Second support is December's low crossing at 85.37.

February Henry natural gas closed lower on Wednesday extending Tuesday's decline below the 62% retracement level of the
November-December decline crossing at 8.260 as it consolidated some of the rally off December's low. The mid-range close
sets the stage for a steady opening on Thursday. Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 7.697 are needed to
confirm that a short-term top has been posted. If February renews this month's rally, the 75% retracement level of the
November-December decline crossing at 8.540 is the next upside target. First resistance is Monday's high crossing at 8.227
then the 75% retracement level crossing at 8.540. First support is the 10-day moving average crossing at 8.060. Second support
is the 50% retracement level crossing at 8.010.

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