Due to a medical emergency, I will not be able to update Friday afternoon's report. Check back later this weekend for an update of Friday's activity.

The December Dollar was higher due to short covering overnight as it extends the trading range of the past two weeks. Stochastics and the RSI are oversold and are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 75.78 would temper the near-term bearish outlook in the market. If December extends this month's decline, monthly support crossing at 73.39 is the next downside target. First resistance is the 20-day moving average crossing at 75.78. Second resistance is this month's high crossing at 77.50. First support is Monday's low crossing at 74.75. Second support is monthly support crossing at 73.39.

The December Euro was lower overnight while extending the trading range of the past two weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday's low crossing at 148.060 are needed to confirm that a short- term top has been posted. If December renews this month's rally, October's high crossing at 150.620 is the next upside target. First resistance is last Wednesday's high crossing at 150.480. Second resistance is October's high crossing at 150.620. First support is Tuesday's low crossing at 148.060. Second support is November's low crossing at 146.240.

The December British Pound was lower overnight and are trading below the 20-day moving average crossing at 1.6568. 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 1.6568 are needed to confirm that a short-term top has been posted. If December renews the rally off October's low, August's high crossing at 1.7028 is the next upside target. First resistance is the 10-day moving average crossing at 1.6674. Second resistance is Monday's high crossing at 1.6876. First support is the overnight low crossing at 1.6483. Second support is the reaction low crossing at 1.6258.

The December Swiss Franc was lower overnight and is trading below the 20-day moving average crossing at .9839. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below Tuesday's low crossing at .9796 are needed to confirm that a top has been posted. If December renews this month's rally, October's high crossing at .9971 is the next upside target. First resistance is last Wednesday's high crossing at .9967. Second resistance is October's high crossing at .9971. First support is Tuesday's low crossing at .9796. Second support is the reaction low crossing at .9675.

The December Canadian Dollar was lower overnight as it extends Thursday's decline below the 20-day moving average crossing at 94.11. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week's decline, the reaction low crossing at 92.74 is the next downside target. Closes above the 10-day moving average crossing at 94.81 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 94.81. Second resistance is last Thursday's high crossing at 95.99. First support is the overnight low crossing at 93.17. Second support is the reaction low crossing at 92.74.

The December Japanese Yen was slightly higher overnight as it extends this month's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, October's high crossing at .10368 is the next upside target. Closes below the 20-day moving average crossing at .11089 would temper the near-term friendly outlook in the market. First resistance is Thursday's high crossing at .11283. Second resistance is October's high crossing at .11368. First support is the 10- day moving average crossing at .11170. Second support is the 20-day moving average crossing at .11089.

ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy

December crude oil was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing at 75.57 would renew the decline off October's high. If December renews this week's rally, the reaction high crossing at 81.06 is the next upside target. First resistance is Wednesday's high crossing at 80.23. Second resistance is this month's high crossing at 81.06. First support is the overnight low crossing at 76.91. Second support is last Friday's low crossing at 75.57.

December heating oil was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the overnight decline, the 50% retracement level of this fall's rally crossing at 193.93 is the next downside target. Closes above the 20-day moving average crossing at 203.79 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 202.41. Second resistance is Wednesday's high crossing at 209.09. First support is the overnight low crossing at 197.70. Second support is last Friday's low crossing at 195.04.

December unleaded gas was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are turning neutral hinting that sideways to lower prices are possible near-term. Closes above Wednesday's high crossing at 205.22 or below the reaction low crossing at 190.26 are needed to confirm a breakout of the current trading range and point the direction of the next trending move. First resistance is Wednesday's high crossing at 205.22. Second resistance is October's high crossing at 210.15. First support is Thursday's low crossing at 195.56. Second support is the reaction low crossing at 190.26.

December Henry natural gas was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, monthly support crossing at 3.996 is the next downside target. Closes above the 20-day moving average crossing at 4.698 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.444. Second resistance is the 20-day moving average crossing at 4.698. First support is Thursday's low crossing at 4.157. Second support is monthly support crossing at 3.996.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

SOFTS: March sugar closed down 48 points at 22.82 cents today. Prices closed nearer the session low today. The key "outside markets" were in a bearish posture for sugar today, as the U.S. dollar index was firmer while crude oil prices and the U.S. stock indexes were sharply lower. Bulls do not want to see a bearish weekly low close on Friday.

March coffee closed down 360 points at 136.95 cents today. Prices closed nearer the session low today. The key "outside markets" were in a bearish posture for coffee today, as the U.S. dollar index was firmer while crude oil prices and the U.S. stock indexes were sharply lower. Bulls do not want to see a bearish weekly low close on Friday.

March cocoa closed down $54 at $3,204 today. Prices closed nearer the session low today. The key "outside markets" were in a bearish posture for cocoa today, as the U.S. dollar index was firmer while crude oil prices and the U.S. stock indexes were sharply lower. Cocoa bulls still have the overall technical advantage.

March cotton closed up 42 points at 72.97 cents today. Prices closed nearer the session high today. Cotton rallied on strong weekly USDA export sales data that included sales to China. The cotton market also rallied despite bearishly postured "outside markets" today, which is another bullish clue for cotton.

January orange juice closed up 85 points at $1.1370 today. Prices closed nearer the session low today. Short covering was featured. The FCOJ bulls still have the overall near-term technical advantage. However, prices have been trending lower for the past four weeks. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the November low of $1.0935.

January lumber futures closed down $1.40 at $229.10 today. Prices closed near the session low on more profit taking today after recent limit-up daily price moves. Bulls still have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at the June high of $248.00.

GRAINS http://quotes.ino.com/exchanges/?c=grains

December corn was lower due to profit taking overnight as it consolidates some of this week's rally. A higher Dollar along with lower energy and precious metal markets helped to pressure the corn market overnight. The low-range close overnight sets the stage for a steady to lower opening when the day session begins. Stochastics and the RSI are turning bearish hinting that a double top with October's high might have been posted with Wednesday's high. If December extends the rally off this month's low, October's high crossing at 4.13 1/2 is the next upside target. Closes below the 20-day moving average crossing at 3.85 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 4.04 3/4. Second resistance is October's high crossing at 4.13 1/2. First support is Thursday's low crossing at 3.90. Second support is the 20-day moving average crossing at 3.85 1/4.

December wheat was lower due to profit taking overnight as it consolidates some of this week's rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 5.27 1/2 would confirm that a short-term top has been posted. If December extends this month's rally, the 50% retracement level of the June-October decline crossing at 5.82 1/4 is the next upside target. First resistance is Wednesday's high crossing at 5.83 1/2. Second resistance is the 50% retracement level of the June-October decline crossing at 5.82 1/4. First support is the 10-day moving average crossing at 5.46 3/4. Second support is the 20-day moving average crossing at 5.27 1/2.

December Kansas City Wheat closed down 4 1/4-cents at 5.61.

December Kansas City Wheat closed lower due to profit taking on Thursday as it consolidates some of this month's rally. The mid-range close sets the stage for a steady opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 5.30 1/4 would confirm that a short-term top has been posted. If December extends this month's rally, the 50% retracement level of the June-October's decline crossing at 6.05 3/4 is the next upside target. First resistance is Wednesday's high crossing at 5.79. Second resistance is the 50% retracement level of the June- October's decline crossing at 6.05 3/4. First support is the 10-day moving average crossing at 5.41 3/4. Second support is the 20-day moving average crossing at 5.30 1/4.

December Minneapolis wheat was lower due to profit taking overnight as it consolidates some of this month's rally. The low-range overnight close sets the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI are overbought and are turning bearish hinting that a double top with October's high might have been posted on Wednesday. Closes below the 20-day moving average crossing at 5.43 3/4 are needed to confirm that a short- term top has been posted. If December extends this month's rally, the 38% retracement level of this year's decline crossing at 6.05 is the next upside target. First resistance is Wednesday's high crossing at 5.87. Second resistance is the 38% retracement level of this year's decline crossing at 6.05. First support is the 10-day moving average crossing at 5.60 1/2. Second support is the 20- day moving average crossing at 5.43 3/4.

SOYBEAN COMPLEX

January soybeans were higher overnight as it extends this week's rally. The low-range overnight close sets the stage for a steady to lower opening when the day session begins later this morning. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If January extends the current rally, August's high crossing at 10.68 is the next upside target. Closes below the 20-day moving average crossing at 9.93 1/2 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 10.50. Second resistance is August's high crossing at 10.68. First support is the 10-day moving average crossing at 10.03 1/2. Second support is the 20-day moving average crossing at 9.93 1/2.

December soybean meal was lower due to profit taking overnight, as it consolidates some of this week's rally but remains above the upper boundary of fall's trading range crossing at 312.50. The low-range close overnight set the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, August's high crossing at 320.00 is the next upside target. Closes below the 20-day moving average crossing at 299.40 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 319.20. Second resistance is August's high crossing at 320.00. First support is the 10-day moving average crossing at 303.10. Second support is the 20-day moving average crossing at 299.40.

December soybean oil was higher overnight as it consolidates some of Thursday's decline. The mid-range close sets the stage for a steady opening when the day session begins later this morning. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 38.04 would confirm that a short-term top has been posted. If December extends this month's rally, June's high crossing at 41.44 is the next upside target. First resistance is Wednesday's high crossing at 40.36. Second resistance is June's high crossing at 41.44. First support is the 10-day moving average crossing at 38.90. Second support is the 20-day moving average crossing at 38.04.

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

The December NASDAQ 100 was lower overnight as it extends Thursday's decline below initial support marked by the 10-day moving average crossing at 1783.05. 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 1741.57 would confirm that a short-term top has been posted. If December extends this month's rally, the 75% retracement level of the 2007-2008- decline on the weekly continuation chart crossing at 1947.00 is the next upside target. First resistance is Monday's high crossing at 1813.75. Second resistance is the 75% retracement level of the 2007-2008-decline crossing at 1947.00. First support is Thursday's low crossing at 1759.75. Second support is the 20-day moving average crossing at 1741.57. The December NASDAQ 100 was down 7.50 pts. at 1762.75 as of 6:00 AM CST. Overnight action sets the stage for a lower opening by December NASDAQ 100 when the day session begins later this morning.

The December S&P 500 index was lower due to profit taking overnight as it extends Thursday's decline below the 10-day moving average crossing at 1096.39. 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 1074.05 would confirm that a short-term top has been posted. If December extends this year's rally, the 50% retracement level of the 2007-2008- decline crossing at 1112.80 is the next upside target. First resistance is Monday's high crossing at 1112.10. Second resistance is the 50% retracement level of the 2007-2008-decline crossing at 1112.80. First support is Thursday's low crossing at 1086.50. Second support is the 20-day moving average crossing at 1074.05. The December S&P 500 Index was down 5.80 pts. at 1088.50 as of 6:02 AM CST. Overnight action sets the stage for a lower opening by the December S&P 500 index when the day session begins later this morning.

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds were higher overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week's rally, October's high crossing at 123-25 is the next upside target. Closes below the 20-day moving average crossing at 119-13 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 121-11. Second resistance is October's high crossing at 123-25. First support is the 10- day moving average crossing at 119-28. Second support is the 20-day moving average crossing at 119-13.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: February live cattle closed up $0.40 at $85.37 today. Prices closed nearer the session high today on tepid short covering in a bear market. Gains in futures were limited by weaker cash cattle trade this week, taking place around the $82.00 level, which is down $1.00 to $3.00 from last week. This market is one of the most bearish of the commodity complex, with no technical signs of a market bottom being close at hand.

January feeder cattle closed up $0.12 at $91.85 today. Prices closed near mid-range in quieter trading and did hit another fresh contract low today. Feeders are the most bearish market in the commodity complex. Bears have the solid near-term technical advantage with no early clues of a market bottom being close at hand.

February lean hogs closed down $0.87 at $63.35 today. Prices gapped lower on the daily bar chart and closed near mid-range today. Steady to weaker cash hog prices today and a big drop Wednesday in pork product prices weighed on the hog futures market today. The key "outside markets" were in a bearish posture for hogs today, as the U.S. dollar index was firmer while crude oil prices and the U.S. stock indexes were sharply lower.

February pork bellies closed down $1.57 at $87.07 today. Prices closed near the session low today. Bulls still have the near-term technical advantage. The next upside price objective for the bulls is pushing and closing prices above solid technical resistance at the October high of $91.70.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold was lower due to profit taking overnight as it consolidates some of this month's rally. 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 1092.40 would confirm that a short-term top has been posted. If December extends this rally into uncharted territory, upside targets will be hard to project. First resistance is Wednesday's high crossing at 1153.40. First support is the 10-day moving average crossing at 1124.00. Second support is the 20-day moving average crossing at 1092.40.

December silver was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below last Friday's low crossing at 17.025 would confirm that a short-term top has been posted. If December extends the rally off the late-October low, the July 2008 high crossing at 20.125 is the next upside target. First resistance is Wednesday's high crossing at 18.855. Second resistance is the July 2008 high crossing at 20.125. First support is the 10-day moving average crossing at 17.871. Second support is last Friday's low crossing at 17.025.

December copper was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are diverging and are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 300.02 are needed to confirm that a short-term top has been posted. If December extends this week's rally, the 87% retracement level of the 2008-2009-decline crossing at 347.18 is the next upside target. First resistance is Wednesday's high crossing at 317.20. Second resistance is the 87% retracement level of the 2008-2009-decline crossing at 347.18. First support is the 10-day moving average crossing at 302.75. Second support is the 20-day moving average crossing at 300.02.