Well, that pretty much recaps what's been a very active first half of the year -- one which yielded the active trader some very nice profit-making opportunities. As a reader, I hope you've been able to capitalize on a few of them. I’d like to throw out a couple more opportunities I'm seeing right now that should set up for interesting trades in the second half of the year.

The first will definitely not be a new one for Minyanville readers, as this commodity always gets great coverage on the site thanks to Professor Lance Lewis.

5. Yep, it’s gold.

While I know this is a crowded trade on the long side, I just can’t ignore the technical setup here. Obviously there's an inverse head-and-shoulders that pretty much every technician has seen in gold right now, which projects into the $1250-$1300 level.

I really like the risk-reward here -- especially on pullbacks to the $900 level. I think the second half of the year should be very interesting for gold. I'm looking for a spike up to the $1300 level at some point, which of course should coincide with some weakness in the US dollar. I'll make sure to let you know if this happens because I think it would also provide an interesting opportunity to reverse course and short gold and go long the US dollar. Remember: Commodity moves frequently end in spikes, so set your alerts to be prepared to act quickly on this one.

                                   
Click to enlarge.

6. Finally, I think natural gas looks very interesting from the long side down here at $4. One of my systems has recently given a buy signal, and I'm encouraged to see the 20- and 50-day moving averages now providing support instead of resistance. Historically, natural gas is trading at extremely low levels relative to crude oil, and a reversion to the mean could easily argue for natural-gas prices doubling from current levels. Not to mention the fact that the clean-energy movement is gaining momentum, and we're also creeping close to hurricane season. Thus, the current oversupply situation might not stay that way for long.

Hopefully this helps you chart a course for the second half of 2009, and provides you with some more profit-making opportunities! I hope everyone has a fun -- and, most importantly, safe -- Fourth of July!