M O N D A Y   E V E N I N G   E X T R E M E   M A R K E T S
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Monday: The CRB Index has climbed 0.58 points to 188.97. The 
US Dollar Index advanced 0.67 points to 117.08.

The Dow Industrials advanced 109.47 points, at 9976.46, while 
the S&P 500 rose 12.41 points, last seen at 1151.06. The 
Nasdaq Composite rose 35.84 points to 1934.42.
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E X T R E M E   M A R K E T   C O M M E N T A R Y
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The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed higher on Monday as traders and investors
continue to gain confidence that the worst is behind us regarding the
economy. Expectations for an economic recovery during the first half
of 2002 along with U.S. military victories in Afghanistan also helped
support today's gains. The NASDAQ closed just above minor resistance
crossing at 1933.94. Multiple closes above this resistance level
would set the stage for a possible test of the 25% retracement level
of the 2000/2001 decline crossing at 2071.93 later this year. The
December S&P 500 index also closed higher on Monday and is poised to
test September?s high crossing at 1163.90 possibly on Tuesday. 

The Dow closed higher on Monday as it extended last week?s breakout
above this summer?s downtrend line. The stage is set for a possible
test of the 62% retracement level of the May/September decline
crossing at 10,094.10 in the near future. Investors remain encouraged
by reports of U.S. military victories in Afghanistan and ideas that
the worse might be over for the economy. 

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

December T-bonds posted an inside day with a modestly higher close
due to short covering following last Friday?s spike below the 75%
retracement level of the Sept./Oct. rally crossing at 104-29. Today?s
mid-range close leaves the door open for sideways trading on Tuesday.
I would not be surprised to see another day or two of consolidation
above last Friday?s high. However, momentum indicators are bearish
signaling that additional weakness is possible into the end of
November If the decline resumes, September?s low crossing at 102-17
is December?s next likely target. 

The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes

The CRB index closed higher on Monday due to strength in energies,
grains and livestock markets. However, closes above last week?s high
crossing at 190.46 are needed to renew this fall?s rally. Momentum
indicators are overbought and have turned bearish signaling that
sideways to lower prices are possible into the end of November.
Closes below last week?s low at 186.23 would extend the CRB?s decline
off last week?s high.

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

The energy markets closed higher on Monday with the exception of
crude oil due to short covering ahead of the close. Early weakness
was tied to indications that Russia is not considering any cuts in
production. However, a short covering rebound in the markets ahead of
the close as traders begin to square some of their short positions
ahead of Tuesday?s API inventory report erased early losses. 

December crude oil closed lower on Monday but near session highs due
to a bounce ahead of the close. Early weakness led to a spike below
the 75% retracement level of the 1998/2000 rally crossing at 16.83.
Closes below this support level could lead to a test of the January
1999 reaction high crossing at 13.75 later this year. Momentum
indicators are bearish signaling that additional weakness is still
possible into the end of November. 

December heating oil closed slightly higher on Monday due to a short
covering bounce ahead of the close. Session lows fell short of
testing the 75% retracement level of the 1999/2000-rally crossing at
48.50. Monday?s high-range close leaves the door open for additional
short covering on Tuesday ahead of this week?s API inventory report.
Momentum indicators are bearish signaling that additional weakness is
possible into the end of November. 

December unleaded gas posted a key reversal up on Monday. However,
today?s short covering bounce fell short of testing broken support
crossing at 51.87. I would not be surprised to see additional short
covering on Tuesday as December consolidates some of its recent
losses. However, the door remains open for a possible test of the
June 1999 low crossing at 47.00 later this month. Momentum indicators
are bearish signaling that sideways to lower prices are possible
near-term. 

December Henry Hub natural gas closed higher on Monday confirming
last Friday?s upside reversal. Forecasts calling for colder
temperatures to move across the high demand regions of the country by
the end of November prompted today?s short covering rally. Closes
above last week?s high crossing at 2.87 would greatly increase the
odds that last week?s low marked a double bottom with October?s low.
Short- term momentum indicators are oversold and turning neutral to
bullish hinting that a low is in or near. 

CURRENCIES http://quotes.ino.com/exchanges/?c=currencies

The December Dollar gapped up and closed higher on Monday but ended
the day below last Wednesday?s high at 117.05. Closes above this
resistance level are needed to confirm a breakout above this falls
trading range. Profit taking ahead of the close erased most of
today?s gains while leaving the door open for a setback on Tuesday.
If today?s gap were filled, it would indicate that the gap was an
exhaustion gap and today?s high was nothing more than a spike above
trading range. Stochastics are bullish but becoming overbought
hinting a short-term top might be in or is near. 

The December Swiss Franc closed lower on Monday but near session
highs due to a late-day bounce. Closes above last Friday?s high at
.6045 would renew its short covering bounce off last Wednesday?s low.
Closes below last week?s low at .5961 are needed to renew December?s
decline and set the stage for a likely test of the 50% retracement
level of the July/September rally crossing at .5944. Momentum
indicators are bearish signaling that additional weakness is possible
during the later part of November. 

The December Canadian Dollar closed modestly higher on Monday as it
extended last week?s breakout above October?s broken downtrend line.
Today?s low-range close leaves the door open for sideways trading on
Tuesday. If the rebound off last week?s low continues, the 25%
retracement level of the July/November decline crossing at .6322 is
December?s next upside target. Momentum indicators are bullish
signaling that sideways to higher prices are possible near- term. 

The December Japanese Yen closed below October?s low crossing at
.8132 on Monday thereby opening the door for additional weakness into
the end of November. If the decline off September?s high continues,
July?s low crossing at .8060 is a potential target later this year.
Stochastics and the RSI are bearish signaling sideways to lower
prices are possible into the end of November. 

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

December gold spiked below August?s reaction low crossing at 272.60
before a short covering bounce tempered some of today?s losses.
Closes below this key support level would open the door for a
possible test of August?s reaction low crossing at 268.40 later this
year. Strength in the U.S. Dollar and equities provided much of
today?s pressure on the market. Stochastics and the RSI are bearish
signaling that additional weakness is possible into the end of
November. 

December silver posted a new low close for November, as it appears
poised to renew this fall?s decline following the recent breakout
below key support crossing at 4.15. Close below 4.055 cents would
open the door for a test of weekly support crossing at 3.90 later
this month. Momentum indicators are bearish signaling that sideways
to lower prices are possible near-term. 

December copper closed higher on Monday confirming last Friday?s key
reversal up. However, today?s low-range close leaves the door open
for a possible setback on Tuesday. Closes above last week?s high at
69.60 are needed to renew December?s rebound off November?s low.
Closes below 66.70 would all but confirm that a short-term top has
likely been posted. Short-term momentum indicators are bullish but
becoming overbought hinting that a round of profit taking could begin
later this week. 

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

March corn gapped up and closed higher on Monday due to technical
buying. Session highs tested the bottom of October?s gap crossing at
2.21 1/2. Closes above this resistance level would likely trigger
additional fund short covering now that this year?s harvest is almost
wrapped up. However, it will take closes above the top of October?s
gap crossing at 2.25 1/4, which coincides with this summer?s
downtrend line to confirm a bottom and trend change has taken place.
Momentum indicators are bullish signaling that sideways to higher
prices are possible into the end of November. 

March wheat closed fractionally higher on Monday as it extended last
Friday?s impressive rally. I would not be surprised to see a steady
to lower close on Tuesday as March might try and consolidate some of
its recent gains. Stochastics and the RSI have turned bullish
signaling that sideways to higher prices are possible into the end of
November. If the rebound off last week?s low continues, October?s
high at 3.03 is March?s next target. 

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

January soybeans closed fractionally lower on Monday due to light
profit taking after filling October?s gap at 4.54 in early trading.
Additional pressure came from spillover weakness from soybean meal
however, losses were limited due to light producer selling. Closes
above today?s high are needed to open the door for a larger-degree
post-harvest rebound that could last into the end of the year.
Momentum indicators remain overbought while trend-following
indicators such as the ADX are entering bullish trend modes signaling
that sideways to higher prices are possible. 

December soybean meal closed sharply lower due to profit taking on
Monday after testing the upper boundary of the October/November
trading range crossing at 167. Today?s low- range close leaves the
door open for additional selling on Tuesday. Until December closes
above 167, it will remain a trading range affair. 

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

February hogs closed higher on Monday but near session lows due to
bull spreading by commercials and funds. Continued weakness in the
cash market along with spillover selling late in the day from bellies
also tempered early gains. If the rebound off last week?s low
continues, the early- November high crossing at 55.12 is February?s
next target. Closes above this resistance level are needed to extend
February?s rally off October?s low. Momentum indicators are neutral
to bullish hinting that sideways to higher prices are possible into
the end of November.

February cattle closed higher on Monday for the fifth day in a row
despite most traders calling last Friday?s cattle-on- feed report
bearish. February?s ability to rally on bearish news confirms that
the early-November decline had already factored in last Friday?s
bearish report. Profit taking ahead of the close tempered some of
today?s gains leaving the door open for sideways trading on Tuesday.
Closes above the September/October downtrend line crossing near 70.50
are needed to confirm a bottom and trend change has taken place. 

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

March coffee closed lower on Monday due to first-notice day sales by
hedgers. With the market closed Thursday and Friday, today?s losses
might have been somewhat exaggerated. March needs to close above last
week?s high, which coincides with the 25% retracement level of the
May/October decline crossing at 53.04. Multiple closes above this
resistance level are needed to open the door for a larger-degree
rebound into the end of the year. Closes below last week?s low at
47.50 would confirm that a short-term top has been posted. 

March cocoa closed higher on Monday but near mid-range as it
consolidates above last February?s high at 1257. If this resistance
level is cleared, the March 1999 reaction high crossing at 1341 is
March?s next upside target. Momentum indicators have become
overbought while trend-following indicators such as the ADX are
bullish signaling that sideways to higher prices are possible into
the end of November. Today?s mid-range close leaves the door open for
sideways trading on Tuesday.

March sugar closed higher on Monday and appears poised to test the
50% retracement level of the June/October decline crossing at 755
later this month. Weekly momentum indicators remain bullish signaling
that sideways to higher prices are possible into late-November.
Closes below last Wednesday?s gap crossing at 726 would increase the
odds that a short- term top has likely been posted. 

March cotton closed lower on Monday amidst selling ahead of first
notice day. Heavy commercial and producer selling on Monday
overshadowed last Friday?s bullish export report indicating that the
short covering rebound off October?s low might be coming to an end.
While export demand has been strong with cumulative sales running at
83.3% of USDA?s projection compared with 61.9% for this time of near,
this year?s bumper U.S. crop will continue to limit near-term upside
potential in the market. Momentum indicators are bullish but
overbought warning bullish traders to use caution. Closes below last
Thursday?s low at 35.00 would confirm that a short-term top was
posted last Wednesday.

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I N O   N E W S   
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CBOT T-Bond Volume And Open Interest Jumps
   http://news.ino.com/press/?release=27529
Hong Kong, Shanghai And Shenzhen Start Joint Data Service
   http://news.ino.com/press/?release=27528
CME Open Outcry Trading Posts Record Day
   http://news.ino.com/press/?release=27527
CFTC Seeks To Suspend Midland Euro Of California
   http://news.ino.com/press/?release=27526
CME Reduces Thresholds For Eurodollar Block Trading
   http://news.ino.com/press/?release=27525
CME Receives Favorable IRS Ruling For Holding Company
   http://news.ino.com/press/?release=27524

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E X T R E M E   F U T U R E S
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Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

NGZ1   Henry Hub Natural Gas Dec 2001              2.791     0.173  +6.56
HOU2   Heating Oil Sep 2002                       0.5527    0.0244  +4.45
NDZ1   NASDAQ 100 Index Dec 2001                 1628.00     42.00  +2.65
XHZ1   Lean Hogs Dec 2001                          49.20      1.15  +2.39
LHZ1   Lean Hogs Dec 2001                         49.200     1.150  +2.29
XLZ1   Live Cattle Dec 2001                        66.27      1.45  +2.23
PLF2   Platinum Jan 2002                             437       9.1  +2.13
LCZ1   Live Cattle Dec 2001                       66.275     1.350  +2.08
NKM2   Nikkei 225 Stock Avg Jun 2002               10815       220  +2.08
SIZ5   Silver Dec 2005                             4.429     0.089  +2.00

LOSERS

PNF2   Propane Jan 2002                           0.2950   -0.0250  -8.00
KCZ1   Coffee 'C' Dec 2001                         45.95     -3.65  -7.50
SCF2   Brent Crude Oil Jan 2002                    18.00     -0.56  -3.15
CLN2   Light Sweet Crude Oil Jul 2002              19.61     -0.60  -3.09
XOK2   Oats May 2002                             191 1/2    -5 1/2  -2.83
HUJ2   New York Harbor Unleaded Gasoline Apr 20    0.5980   -0.0098  -1.65
XEZ1   Soybean Meal Dec 2001                       163.2      -2.6  -1.57
OK2    Oats May 2002                             191 1/2        -3  -1.54
CTZ1   Cotton Dec 2001                             34.09     -0.51  -1.47
SMZ1   Soybean Meal Dec 2001                       163.2      -2.4  -1.45

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E X T R E M E   S T O C K S
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Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

SCMM   SCM MICROSYSTEMS                          11.7500    3.6300  +43.89
LSBC   LARGE SCALE BIOLOGY                        5.4000    1.4386  +39.96
JAZZ   JAZZTEL PLC ADS                            6.3000    1.7400  +37.42
HAND   HANDSPRING INC                             5.4100    1.4090  +35.23
CANI   CARREKER CORP                              5.8700    1.4799  +34.34
DITC   DITECH COMMUNICATIONS CORP                 6.0700    1.4800  +32.10
LCBM   LIFECORE BIOMEDICAL                       12.2200    2.8900  +29.49
ORCI   OPINION RESEARCH CORPORATION               6.0800    1.2700  +26.40
REXL   REXHALL INDUS                              6.2200    1.2800  +25.91
INVN   INVISION TECHNOLOGIES                     18.4200    3.6480  +24.60

LOSERS

RDY    DR. REDDY'S LABS ADS                        17.55     -4.09  -18.98
BTY    BRITISH TELECOM                             42.25     -8.35  -16.53
RLRN   RENAISSANCE LEARNING INC                  25.8800   -4.6550  -15.23
ICTS   ICTS INTL NV                               6.7000   -1.2000  -15.19
VINT   GOLDEN STATE VINTNERS'B'                   5.4000   -0.8200  -14.91
SNAP   SYNAPTIC PHARMACEUTICAL                    5.6500   -0.7700  -13.05
CRY    CRYOLIFE INC                                26.69     -3.91  -12.78
HLEX   HEALTHEXTRAS INC                           6.1600   -0.8200  -12.62
LWAY   LIFEWAY FOODS INC                          5.7295   -0.8000  -12.12
RMCI   RIGHT MGMT CONSULTANTS                    19.2000   -2.6400  -12.04
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