Market Recap Report - 1/21/2009

***BOND MARKET RECAP - 1/21/2009

March Bonds finished down 3-085 at 131-210, 1-140 off the high and equal to the low.

March 10 Yr Treasury Notes closed down 1-165 at 124-240. This was 0-005 up from the low and 1-000 off the high.

Technical Outlook BONDS (MAR) 01/22/2009: The close below the 40-day moving average is an indication the longer-term trend has turned down. A bearish signal was triggered on a crossover down in the daily stochastics. Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The defensive setup, with the close under the 2nd swing support, could cause some early weakness. The next downside objective is 128-200. The next area of resistance is around 132-230 and 135-030, while 1st support hits today at 129-160 and below there at 128-200.

10 YR TREASURY NOTES (MAR) 01/22/2009: The upside crossover of the 9 and 18 bar moving average is a positive signal. The daily stochastics gave a bearish indicator with a crossover down. Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside objective is now at 123-180. The next area of resistance is around 125-095 and 126-105, while 1st support hits today at 123-295 and below there at 123-180.

***STOCK INDICES RECAP - 1/21/2009

March S&P closed up 30.8 at 836.8. This was 35.8 up from the low and 1.4 off the high.March S&P E-Mini finished up 30.75 at 836.75, 1.75 off the high and 36.25 up from the low.

March Dow finished up 235 at 8180, 10 off the high and 290 up from the low.

Technical Outlook S&P 500 (MAR) 01/22/2009: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The market's close below the 9-day moving average is an indication the short-term trend remains negative. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is 791.00. The next area of resistance is around 855.40 and 865.40, while 1st support hits today at 818.20 and below there at 791.00.

S&P E-MINI (MAR) 01/22/2009: Daily stochastics are trending lower but have declined into oversold territory. The close below the 9-day moving average is a negative short-term indicator for trend. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside target is 790.13. The next area of resistance is around 855.75 and 866.12, while 1st support hits today at 817.75 and below there at 790.13.

NASDAQ (MAR) 01/22/2009: Daily stochastics declining into oversold territory suggest the selling may be drying up soon. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside objective is 1125.75. The next area of resistance is around 1204.50 and 1217.75, while 1st support hits today at 1158.50 and below there at 1125.75.

DOW (MAR) 01/22/2009: Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The close below the 9-day moving average is a negative short-term indicator for trend. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside objective is now at 7810. The next area of resistance is around 8330 and 8410, while 1st support hits today at 8030 and below there at 7810.

***CURRENCY MARKET RECAP - 1/21/2009

March US Dollar closed down 0.79 at 86.075. This was 0.175 up from the low and 1.125 off the high.

March Euro closed up 1.58 at 130.32. This was 2.21 up from the low and 0.29 off the high.

March Japanese Yen finished up 0.57 at 111.97, 2.99 off the high and 0.96 up from the low.

March Swiss finished down 0.44 at 86.8, 1.11 off the high and 0.67 up from the low.

March Canadian Dollar finished up 0.6 at 79.6, 0.09 off the high and 1.3 up from the low.

March British Pound closed up 0.57 at 139.65. This was 3.53 up from the low and 0.43 off the high.

Technical Outlook JAPANESE YEN (MAR) 01/22/2009: A new contract high was made on the rally. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. The outside day up is a positive signal. The market's close above the 2nd swing resistance number is a bullish indication. The next upside target is 116.34. The next area of resistance is around 114.10 and 116.34, while 1st support hits today at 110.42 and below there at 108.98.

EURO (MAR) 01/22/2009: Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-bar moving average. A positive signal was given by the outside day up. The market setup is supportive for early gains with the close over the 1st swing resistance. The next downside target is now at 127.96. The 9-day RSI under 30 indicates the market is approaching oversold levels. The next area of resistance is around 129.90 and 130.25, while 1st support hits today at 128.76 and below there at 127.96.

***PRECIOUS METALS RECAP - 1/21/2009

April Gold closed down 5.1 at 851.7. This was 4.5 up from the low and 0.3 off the high.

March Silver finished up 0.15 at 11.325, 0.045 off the high and 0.125 up from the low.

Technical Outlook COMEX SILVER (MAR) 01/22/2009: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The market's short-term trend is positive on the close above the 9-day moving average. The close over the pivot swing is a somewhat positive setup. The near-term upside objective is at 117537.5. The next area of resistance is around 115375.0 and 117537.5, while 1st support hits today at 110725.0 and below there at 108237.5.

COMEX GOLD (APR) 01/22/2009: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close above the 9-day moving average is a positive short-term indicator for trend. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 877.3. The next area of resistance is around 867.4 and 877.3, while 1st support hits today at 846.2 and below there at 834.8.

***COPPER MARKET RECAP - 1/21/2009

March Copper closed down 7.10 at 143.35. This was 0.60 up from the low and 4.45 off the high.

Technical Outlook COMEX COPPER (MAR) 01/22/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The close below the 9-day moving average is a negative short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside target is now at 13836.25. The next area of resistance is around 15242.49 and 15666.25, while 1st support hits today at 14327.50 and below there at 13836.25.

***ENERGY MARKET RECAP - 1/21/2009

March Crude Oil closed up 3.22 at 44.06. This was 3.82 up from the low and 0.14 off the high.

March Heating Oil closed up 1.68 at 138.70. This was 4.44 up from the low and 0.15 off the high.

March RBOB Gasoline finished up 3.54 at 120.80, 0.20 off the high and 5.32 up from the low.

March Natural Gas finished up 0.14 at 4.77, 0.06 off the high and 0.18 up from the low.

Technical Outlook CRUDE OIL (MAR) 01/22/2009: Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside target is now at 39.18. The next area of resistance is around 46.03 and 47.09, while 1st support hits today at 42.07 and below there at 39.18.

RBOB GAS (MAR) 01/22/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 125.03. The next area of resistance is around 123.55 and 125.03, while 1st support hits today at 118.04 and below there at 114.00.

HEATING OIL (MAR) 01/22/2009: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The upside closing price reversal on the daily chart is somewhat bullish. The market tilt is slightly negative with the close under the pivot. The next downside target is now at 133.04. The next area of resistance is around 140.99 and 142.21, while 1st support hits today at 136.41 and below there at 133.04.

***CORN MARKET RECAP - 1/21/2009

March Corn finished up 6 3/4 at 390 1/4, 1 1/2 off the high and 12 1/4 up from the low. July Corn closed up 5 3/4 at 411 1/4. This was 11 3/4 up from the low and 1 3/4 off the high.

Technical Outlook CORN (MAR) 01/22/2009: The cross over and close above the 60-day moving average is an indication the longer-term trend has turned positive. The daily stochastics have crossed over up which is a bullish indication. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside objective is 401 1/4. The next area of resistance is around 397 and 401 1/4, while 1st support hits today at 383 1/2 and below there at 374.

***SOY COMPLEX RECAP - 1/21/2009

March Soybeans finished up 28 1/2 at 1020 1/2, 1/2 off the high and 34 up from the low. November Soybeans closed up 20 1/2 at 974. This was 25 up from the low and equal to the high.

March Soybean Oil finished up 0.14 at 33.95, 0.31 off the high and 0.57 up from the low.

March Soymeal closed up 11.4 at 320.4. This was 13.1 up from the low and 0.4 off the high.

Technical Outlook SOYBEANS (MAR) 01/22/2009: Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The market's short-term trend is positive on the close above the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside target is now at 977 3/4. The next area of resistance is around 1037 3/4 and 1046 1/2, while 1st support hits today at 1003 1/4 and below there at 977 3/4.

SOYMEAL (MAR) 01/22/2009: The daily stochastics gave a bullish indicator with a crossover up. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's short-term trend is positive on the close above the 9-day moving average. Market positioning is positive with the close over the 1st swing resistance. The next upside target is 330.7. The next area of resistance is around 327.1 and 330.7, while 1st support hits today at 313.7 and below there at 303.8.

SOYBEAN OIL (MAR) 01/22/2009: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The next downside target is 33.01. The next area of resistance is around 34.39 and 34.76, while 1st support hits today at 33.51 and below there at 33.01.

***WHEAT MARKET RECAP - 1/21/2009

March Wheat finished up 21 3/4 at 571 3/4, 1 1/4 off the high and 20 up from the low. July Wheat closed up 21 3/4 at 595 3/4. This was 19 up from the low and 1 1/4 off the high.

Technical Outlook WHEAT (MAR) 01/22/2009: The major trend could be turning up with the close back above the 60-day moving average. Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is negative as the close remains below the 9-day moving average. A positive setup occurred with the close over the 1st swing resistance. The next downside objective is 546. The next area of resistance is around 582 1/4 and 588 1/4, while 1st support hits today at 561 1/4 and below there at 546.

KC WHEAT (MAR) 01/22/2009: The cross over and close above the 60-day moving average indicates the longer-term trend has turned up. Momentum studies are declining, but have fallen to oversold levels. The market's close below the 9-day moving average is an indication the short-term trend remains negative. A positive setup occurred with the close over the 1st swing resistance. The next downside target is 576 1/4. The next area of resistance is around 610 1/4 and 615 1/2, while 1st support hits today at 590 3/4 and below there at 576 1/4.

MINN WHEAT (MAR) 01/22/2009: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market's short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside objective is now at 622 1/4. The next area of resistance is around 657 1/2 and 663 1/4, while 1st support hits today at 637 and below there at 622 1/4.

***LIVE CATTLE RECAP - 1/21/2009

April Live Cattle closed down 0.15 at 85.20. This was 0.67 up from the low and 0.70 off the high.

March Feeder Cattle finished down 0.40 at 91.35, 1.05 off the high and 0.80 up from the low.

Technical Outlook LIVE CATTLE (APR) 01/22/2009: Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is negative as the close remains below the 9-day moving average. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is 83.850. The next area of resistance is around 85.870 and 86.570, while 1st support hits today at 84.520 and below there at 83.850.

***LEAN HOGS RECAP - 1/21/2009

April Lean Hogs closed down 0.35 at 65.35. This was 0.60 up from the low and 0.55 off the high.

February Pork Bellies finished up 1.32 at 82.00, 0.35 off the high and 2.05 up from the low.

Technical Outlook LEAN HOGS (APR) 01/22/2009: Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The close below the 9-day moving average is a negative short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The next downside target is 64.200. The market is approaching oversold levels on an RSI reading under 30. The next area of resistance is around 65.920 and 66.470, while 1st support hits today at 64.800 and below there at 64.200.

***COCOA MARKET RECAP - 1/21/2009

Technical Outlook COCOA (MAR) 01/22/2009: The crossover up in the daily stochastics is a bullish signal. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The cross over and close above the 18-day moving average is an indication the intermediate-term trend has turned positive. There could be more upside follow through since the market closed above the 2nd swing resistance. The near-term upside objective is at 2774. The next area of resistance is around 2702 and 2774, while 1st support hits today at 2502 and below there at 2373.

***COFFEE MARKET RECAP - 1/21/2009

March Coffee closed up 2.65 at 117.55. This was 4.85 up from the low and 0.45 off the high.

Technical Outlook COFFEE (MAR) 01/22/2009: Rising stochastics at overbought levels warrant some caution for bulls. The market's short-term trend is positive on the close above the 9-day moving average. The outside day up is a positive signal. The market has a bullish tilt coming into today's trade with the close above the 2nd swing resistance. The next upside objective is 12174.99. The next area of resistance is around 12019.99 and 12174.99, while 1st support hits today at 11490.00 and below there at 11115.00.

***SUGAR MARKET RECAP - 1/21/2009

March Sugar closed up 0.01 at 12.60. This was 0.29 up from the low and 0.08 off the high.

Technical Outlook SUGAR (MAR) 01/22/2009: Momentum studies are trending higher but have entered overbought levels. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside target is at 12.91. The next area of resistance is around 12.78 and 12.91, while 1st support hits today at 12.42 and below there at 12.18.

***COTTON MARKET RECAP - 1/21/2009

March Cotton finished up 0.42 at 47.23, 0.49 off the high and 0.58 up from the low.

Technical Outlook COTTON (MAR) 01/22/2009: The downside crossover (9 below 18) of the moving averages suggests a developing short-term downtrend. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The daily closing price reversal up is a positive indicator that could support higher prices. The market's close below the pivot swing number is a mildly negative setup. The next downside target is 46.14. The next area of resistance is around 47.76 and 48.27, while 1st support hits today at 46.70 and below there at 46.14.

***This report includes information from sources believed to be reliable and accurate as of the date of this publication, but no independent verification has been made and we do not assure its accuracy or completeness.Opinions expressed are subject to change without notice. This report should not be construed as a request to engage in any transaction involving the purchase or sale of a futures contract and/or commodity option thereon.The risk of loss in trading futures contracts or commodity options can be substantial, and investors should carefully consider the inherent risks of such an investment in light of their financial condition.Any reproduction or retransmission of this report without the express written consent of Hartfield Management, Inc. is strictly prohibited.