Gold reverses lower; oil weakens

The S&P 500 futures are up 5% today, bumping up against a key resistance area just below 2150. The market is still within a recent bearish trend channel; we believe volume will be light in front of the election. Oil has weakened today, just bouncing back and forth near the $50 area. We believe oil may head to the mid to high $48s, but there will find aggressive buyers. Foreign currencies are weakening today against the U.S. dollar (USD), as U.S. 30-year bonds are down almost a point.  Wheat has taken a hit after a strong rally last week. Gold futures might head to the low $1,240's. KC Wheat futures may find buyers near the $4.05 area.

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