OUT LOOK

February gold closed sharply higher on Thursday and above the 10-day moving average crossing at 892.60. The high-range
close sets the stage for a steady to higher opening on Friday as February may be poised for further gains due to growing
inflation fears once equity markets stabilize and with the U.S. Federal Reserve accelerates the pace of easing its monetary
policy. Stochastics and the RSI turned neutral to bullish with today's rally signaling that additional gains are possible near-term.
If February renews this winter's rally, monthly resistance crossing at 930.00 is the next upside target. Closes below Tuesday's
low crossing at 849.50 would confirm that a short-term top has been posted. First resistance is today's high crossing at 913.90
then this month's high crossing at 916.10. First support is the 10-day moving average crossing at 892.60 then the 20-day
moving average crossing at 874.30.

March silver closed high on Thursday's and above the 10-day moving average crossing at 16.201. The high-range close sets the
stage for a steady to higher opening on Friday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices
are possible near-term. If March renews the rally off December's low, weekly resistance crossing at 17.000 is the next upside
target. Closes below the 20-day moving average crossing at 15.733 are needed to confirm that a double top with November's
high has been posted. First resistance is today's high crossing at 16.525 then this month's high crossing at 16.715. First support
is the 20-day moving average crossing at 15.733 then Tuesday's low crossing at 15.255.

March copper closed higher on Thursday and above the 20-day moving average crossing at 318.85. The high-range close sets
the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If March extends this week's decline, December's low crossing at 285.30 is the next
downside target. First resistance is the 10-day moving average crossing at 322.23. Second resistance is Tuesday's high crossing
at 327.50. First support is Tuesday's low crossing at 301.20. Second support is December's low crossing at 285.30.

March crude oil closed sharply higher on Thursday from a three-month low Thursday after the Bush administration and
congressional leaders agreed on a growth package designed to avoid a major slowdown in the U.S. economy. The high-range
close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold and are turning bullish
signaling that a double bottom with December's low appears to have been posted. Closes above the 20-day moving average
crossing at 93.59 are needed to confirm that a short-term low has been posted. If March extends this month's decline,
December's low crossing at 85.37 is the next downside target. First resistance is the 10-day moving average crossing at 90.64.
Second resistance is the 20-day moving average crossing at 93.59. First support is Tuesday's low crossing at 85.42. Second
support is December's low crossing at 85.37.

February Henry natural gas closed higher on Thursday as it consolidated some of this week's decline but remains below the 20-
day moving average crossing at 7.843. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics
and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If February extends this week's
decline, the reaction low crossing at 7.500 is the next downside target. Closes above the 10-day moving average crossing at
8.033 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at
7.843 then the 10-day moving average crossing at 8.033. First support is Wednesday's low crossing at 7.570. Second support is
the reaction low crossing at 7.500.

MCXARUN
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