outlook

February gold closed higher on Tuesday and above the 10-day moving average crossing at 887.80. Early weakness tied to
Monday's financial meltdown across the globe tested broken resistance marked by November's high crossing at 855.00. The
high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling
that additional weakness is still possible near-term. Closes below today's low crossing at 849.50 would open the door for a
larger-degree decline near-term. If February renews this winter's rally, monthly resistance crossing at 930.00 is the next upside
target. First resistance is today's high crossing at 895.60 then this month's high crossing at 916.10. First support is today's low
crossing at 849.50 then the 38% retracement level of the August-January rally crossing at 818.90.

March silver closed lower on Tuesday as it consolidated some of last Friday's rally. The high-range close sets the stage for a
steady to higher opening on Wednesday. However, stochastics and the RSI remain bearish hinting that a double top with
November's high might have been posted last week. Closes below the 20-day moving average crossing at 15.627 are needed to
confirm that a double top with November's high has been posted. If March renews the rally off December's low, weekly
resistance crossing at 17.000 is the next upside target. First resistance is last Friday's high crossing at 16.420 then this month's
high crossing at 16.715. First support is today's low crossing at 15.255 then the 38% retracement level of the August-January
rally crossing at 14.722.

March copper closed lower on Tuesday but remains above the 20-day moving average crossing at 318.72. The high-range close
sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. Closes below the 20-day moving average crossing at 318.72 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 327.50. Second
resistance is the 50% retracement level crossing at 330.22. First support is today's low crossing at 301.20. Second support is
December's low crossing at 285.30.

February crude oil closed lower on Tuesday however, today's surprise interest rate cut by the Fed helped to buoy the energy
markets, which have been declining since the beginning of the year. Early session lows fell short of testing December's low
crossing at 85.37 before the market rebounded to temper early session losses. The high-range close sets the stage for a steady to
firmer opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional
weakness is still possible. If February extends this month's decline, December's low crossing at 85.37 is the next downside
target. Closes above the 20-day moving average crossing at 94.24 would temper the near-term bearish outlook in the market.
First resistance is the 10-day moving average crossing at 91.81. Second resistance is the 20-day moving average crossing at
94.24. First support is today's low crossing at 86.11. Second support is December's low crossing at 85.37.

February Henry natural gas closed lower on Tuesday and below the 20-day moving average crossing at 7.820 confirming that a
short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and
the RSI are 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 8.081 are
needed to confirm that a short-term low has been posted. First resistance is today's high crossing at 7.991 then the 10-day
moving average crossing at 8.081. First support is today's low crossing at 7.626. Second support is the reaction low crossing at
7.500.

MCXARUN
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