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 is dropping 1.89 points to 192.50. The
US Dollar Index retreated 0.15 points to 116.49.

The Dow Industrials slipped 96.11 points, at 9891.42, while
the S&P 500 dropped 7.19 points, last seen at 1138.41. The
Nasdaq Composite eased 31.72 points to 1990.74.
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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 lower on Monday due in part to the aftermath of
last Friday's bearish comments by Fed Chairman Alan Greenspan. In a
speech last Friday, he cautioned against the market becoming too
bullish as the economy is still vulnerable to additional setbacks
during the first half of 2002. The NASDAQ closed lower on Monday
thereby confirming last Friday's key reversal down. The stage is set
for additional weakness and a possible test of December's low
crossing at 1918.50 later this winter. The March S&P 500 index also
closed lower on Monday as it confirmed last Friday's key reversal
down. Today's loss opened the door for additional weakness during the
last half of January while opening the door for a possible test of
December's low crossing at 1115 later this winter.

The Dow closed lower for the sixth day in a row on Monday as it
extended last Friday's breakout below the Dec./Jan. uptrend line.
While a short covering bounce due to bargain hunting buying on
Tuesday is possible, the door has been opened for a possible test of
late-fall lows crossing near 9,691 later this month. Momentum
indicators are bearish signaling that sideways to lower prices are
possible near- term. Much of today's weakness was due to fading hopes
over the prospects for a V-shaped economic recovery. The dramatic
rebound off September's low appears to be running out of gas as the
Dow is searching for additional evidence of economic recovery.

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

March T-bonds closed lower on Monday due to light profit taking.
Early strength was attributed to spillover support from last Friday's
comments by Fed Chairman Alan Greenspan, which left the market
thinking that the odds of another interest rate cut might be higher
than previously thought. Today's shallow setback leaves the door open
for a possible test of December's reaction high crossing at 105-06
later this month. Stochastics and the RSI are bullish but have become
overbought hinting that upside potential appears limited near-term.

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

The CRB index closed lower on Monday due to weakness in hogs,
bellies, precious metals, fiber, some foods and energies. Today's
close below the broken weekly resistance line crossing near 195
increases the odds that a short-term top might have been posted with
last week's high. Closes below last fall's uptrend line crossing
190.60 would confirm at short-term top has been posted. Stochastics
and the RSI are overbought and turning bearish thereby signaling that
sideways to lower prices are possible near-term.

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

The energy markets closed lower on Monday as the markets extend last
week's losses due to weakening fundamentals and weak technical
support. The commitment of traders report showed that funds had
covered 1/3 of their prior short positions in crude oil for the
period ended January 8th.

February crude oil closed below the November-December uptrend line on
Monday thereby opening the door for additional weakness into the
later part of January. The door is open for a test of December's low
crossing at 18.20 later this month. Stochastics and the RSI are
bearish signaling that additional weakness is possible near-term.

February heating oil closed lower on Monday as last week's bearish
inventory report along with continued weak demand continues to weigh
on prices. Today's low fell just short of testing December's low
crossing at 50.70. Closes below this support level would renew the
larger-degree downtrend, which began last year. Stochastics and the
RSI are bearish signaling additional weakness is possible near-term.

February unleaded gas closed lower on Monday and tested the Nov.-Dec.
uptrend line crossing near 54.45 before a short covering bounce
tempered some of its losses. I would not be surprised to see a short
covering bounce on Tuesday as February may try to consolidate some of
its losses off last week's high. Closes below the aforementioned
uptrend line would open the door for a test of December's low
crossing at 51.50 later this month. Stochastics and the RSI are
bearish signaling that additional weakness appears likely.

February Henry Hub natural gas posted a potential key reversal up on
Monday as it consolidates above weekly support crossing at 2.17.
However, the mid-range close leaves the door open for sideways
trading on Tuesday. Closes above or below last week's trading range
are needed to clear up near-term direction in the market. The daily
ADX is bearish however, short-term momentum indicators are oversold
hinting that a low might be in or is near.

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

The March Dollar closed lower on Monday as it continues to setback
off last week's high. Today's low spiked below this year's uptrend
line crossing near 116.80. Closes below this support level would open
the door for additional weakness and a possible test of the
September-December uptrend line crossing near 115.87 later this
winter. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible into the latter part of
January.

The March Swiss Franc closed slightly lower in relatively quiet
trading as it appears to be forming the right shoulder of an inverted
head and shoulders bottom. Closes above neckline resistance crossing
near .6080 are needed to confirm this bottoming formation while
opening the door for a larger-degree rebound during the last half of
January. Closes below the fall low of .5973 would negate this
bottoming formation while opening the door for a possible test of
December's low later this winter.

The March Canadian Dollar closed modestly higher on Monday as it
extends this winter's basing action off key support crossing at
.6230. Closes above the December 31st reaction high crossing at .6290
would greatly increase the odds that a short-term bottom has been
posted. Momentum indicators are oversold and turning bullish hinting
that a bottom has likely been posted.

The March Japanese Yen closed slightly lower in narrow trading on
Monday as it continues to challenge the fall downtrend line. Closes
above this resistance level and last Monday's high crossing at .7696
are needed to confirm a bottom and trend change has taken place. The
daily ADX is above 60 and turning down for the second time this week
thereby Closes below monthly support crossing at .7558 would open for
a test of the next level of long-term support crossing at .7210 later
this winter.

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

February gold closed lower on Monday due to light profit taking as it
consolidates below the 62% retracement level of last fall's decline
crossing at 287.60. If the rally off December's low continues the 75%
retracement level crossing at 291.40 is February's next target.
Closes below 283.70 would temper the bullish outlook in February
gold. Stochastics and the RSI are bullish but becoming overbought
warning traders that a short-term top might be in or is near.

March silver closed sharply lower on Monday and below initial
trendline support crossing at 4.65. Today's decline also turned the
daily ADX down thereby confirming that a broad double top with last
fall's highs has been posted. I would not be surprised to see a short
covering bounce on Tuesday on ideas that today's decline was
overdone. If the decline continues, the 38% retracement level of the
rally off November's low crossing near 4.495 is March's next target
later this month.

March copper closed slightly lower on Monday in two-sided trading as
it consolidates around the 62% retracement level of the
November-January decline, which crosses at 70.62. Closes below broken
resistance crossing at 69.50 would temper the friendly outlook in the
market could lead to additional weakness during the last half of
January. Stochastics are bullish but poised to turn bearish with
additional weakness hinting that a top might be near.

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

March corn gapped higher on the open due to spillover strength from
soybeans and from last Friday's friendly USDA's reports. However, a
lack of fresh supportive news now that January's USDA reports are
behind us weighed on prices into the close. The fact that today's
supportive export inspection report, which came in at 31.055 million
bushels, failed to turn the market around leaves the door open for
additional weakness on Tuesday. Current export inspections stand at
616.461 million bushels for the marketing year to date, which is 8.5%
behind last year's pace. Technically, today's high spiked above the
July-January downtrend line, which crosses near 2.13 3/4. Closes
above this downtrend line and today's high at 2.15 1/4 are needed to
confirm that a major bottom and trend change has taken place.

March wheat closed lower on Monday thereby leaving last Friday's key
reversal up unconfirmed. While March remained above weekly trading
range resistance crossing at 3.04, it has become very overbought and
increasingly vulnerable to a round of profit taking. March's
inability to extend last Friday's rally despite news of Egypt's
purchase of 220,000 metric tonnes of hard winter wheat is bearish.
Stochastics are overbought and warns of a possible setback later this
week. Closes below last Friday's low crossing at 3.00 1/2 would
confirm that a short-term top has been posted. At the same time,
losses are likely to be limited following last Friday's bullish
acreage report, which showed the smallest planted acreage since 1971.

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

March soybeans gapped up and closed higher on Monday due in large
part to a lack of rain across southern Brazil. Additional early
support came from today's bullish export inspection report, which
came in at 37.191 million bushels and sharply higher soybean meal
prices. Profit taking ahead of the close tempered much of today's
early gains and leaves the door open for a possible setback on
Tuesday where March might try to fill today's gap at 4.44 1/2. At the
same time, downside risk at least for this week appears limited due
to rumors of impending purchases by China in the very near future.
Stochastics and the RSI remain bullish signaling that a test of
November's high crossing at 4.57 1/2 is possible later this month.

March soybean meal gapped up and closed sharply higher on Monday as
it spiked above the 50% retracement level of the July/January
decline, which crosses at 159. Profit taking ahead of the close
tempered some of today's gain leaving the door for additional profit
taking on Tuesday. Last Friday's USDA report confirmed stronger than
expected meal usage and support from higher soybean prices has pushed
soybean meal sharply higher over the past two trading sessions.
Momentum indicators are bullish signaling that additional gains are
possible during the last half of January. I am looking for an inside
day on Tuesday as March might try to consolidate some of its recent
gains before moving higher.

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

April hogs closed modestly lower on Monday due in large part to
inter-market spreading as the five-day reign of the Goldman roll came
to an end. Talk of steady to higher cash bids on Tuesday might help
support a steady opening in futures. Upside potential appears limited
to a possible test of weekly resistance crossing at 61.13. Momentum
indicators are overbought and diverging while the daily ADX remains
bullish signaling that sideways to higher prices are possible
near-term. Closes below the December-January uptrend line crossing
near 60.00 and last week's gap crossing at 59.52 would greatly
increase the odds that a short-term top has been posted.

April cattle closed higher on Monday as it enters the fourth week of
a well-defined trading range. Closes above 74.40 or below 72.90 are
needed to confirm a trading range breakout and point the direction of
the next trending move. Support came from rumors of smaller
Showlists, expectations for lower cattle supplies this spring and
higher midday boxed beef prices. With the Goldman roll now complete,
the market's focus will shift towards the cash market for near- term
direction. Momentum indicators are overbought and turning bearish
while trend-following indicators are in position to confirm the
rebirth of this fall's rally with a breakout above last week's high.

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

March coffee closed higher on Monday due to speculator buying. Early
weakness pushed March below gap support crossing at 48.75. However,
the push lower failed to trigger sell stops, which forced weak shorts
to cover their positions. As the market turned higher, large funds
came in on the buy side to rally the market into the close.
Technically, March remains range bound and will need to close above
53 cents to confirm an upside breakout. With Central American and
Vietnam selling expected to continue near-term, upside potential for
the time being appears limited.

March cocoa gapped below the November-January uptrend line and closed
lower on Monday thereby increasing the odds that a top was posted
with last week's test of weekly resistance crossing at 1422. Momentum
indicators are overbought and turning bearish with today's sell off
providing additional evidence that a major top has been posted.
Today's low-range close leaves the door open for a weaker opening on
Tuesday. However, I would not be surprised to see a short covering
bounce at some point in time tomorrow.

March sugar gapped down and closed below the December- January
uptrend line on Monday thereby signaling that a short-term top has
been posted. While a short covering bounce is possible on Tuesday,
the door has been opened for additional weakness during the last half
of January with last fall's uptrend line crossing near 720 being a
potential target. Momentum indicators are turning bearish with
Monday's loss signaling that additional weakness is possible
near-term.

March cotton closed lower on Monday in quiet trading due to spillover
pressure from last Friday's bearish USDA report. The report showed
last year's cotton crop at 20.084 million bales compared with
December's estimate of 20.06 million bales. Ending stocks came in at
8.6 million bales compared with 8.4 million bales in December. World
ending stocks rose from 43.51 to 44.08 million bales. March cotton
remains range bound and needs to close above 39.80 or below 34.90 to
confirm a breakout of this winter's trading range. Until then look
for back and fill type trading to continue.

Daily Extreme Commentary is brought to you by GLOBALcharts,
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I N O   N E W S
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CFTC Recognizes Norwegian Clearing House For OTC Derivatives
   http://news.ino.com/press/?release=27706
CBOT Moves Closer To Paperless Trading Floor
   http://news.ino.com/press/?release=27705
SFE Outsources Clearing And Support Functions To OM
   http://news.ino.com/press/?release=27704
December Trading In London Stocks Rose 22%
   http://news.ino.com/press/?release=27703

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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

SMF2   Soybean Meal Jan 2002                       167.3       5.6  +3.46
NGH3   Henry Hub Natural Gas Mar 2003              2.947     0.100  +3.41
XSF2   Soybeans Jan 2002                             446        13  +2.92
XEH2   Soybean Meal Mar 2002                       158.2       4.4  +2.85
LBU2   Random Length Lumber Sep 2002              275.00      5.50  +2.05
WN3    Wheat Jul 2003                                307         5  +1.66
KCH2   Coffee 'C' Mar 2002                         50.40      0.80  +1.61
XLG2   Live Cattle Feb 2002                        70.67      0.93  +1.33
LCG2   Live Cattle Feb 2002                       70.675     0.825  +1.18
SQ2    Soybeans Aug 2002                         455 1/2     5 1/4  +1.17

LOSERS

PNG2   Propane Feb 2002                           0.2750   -0.0150  -5.17
SIZ4   Silver Dec 2004                             4.608    -0.220  -4.60
RRK2   Rough Rice May 2002                         4.030    -0.190  -4.50
CLJ2   Light Sweet Crude Oil Apr 2002              19.74     -0.91  -4.42
HOH2   Heating Oil Mar 2002                       0.5250   -0.0237  -4.33
AGM2   Silver 1,000 oz. Jun 2002                   4.500    -0.195  -4.15
HUG2   New York Harbor Unleaded Gasoline Feb 20    0.5505   -0.0231  -4.03
CCH3   Cocoa Mar 2003                               1148       -47  -3.93
ON2    Oats Jul 2002                             158 1/2    -4 3/4  -2.90
LBH2   Random Length Lumber Mar 2002              249.00     -6.80  -2.65

FREE 2002 Commodity Reference Calendar
http://www.ino.com/specials/rjo/calendar.html
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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

DECK   DECKERS OUTDOOR                            5.1900    1.0510  +25.95
CYCL   CENTENNIAL COMMUNICATIONS CORP            10.7100    2.1700  +25.74
SYKE   SYKES ENTERPRISES                         10.5700    1.7400  +18.65
PATR   PATRIOT TRANSPORTATION HOLDING            28.0000    4.2100  +17.91
CHFN   CHARTER FINANCIAL CORP                    21.5300    3.4500  +17.77
TAR    TELEFONICA DE ARGENTINA SA NEW              12.90      1.95  +17.41
OSIS   OSI SYSTEMS                               19.8400    2.8800  +17.04
MTP    MONTANA POWER CO                             5.70      0.80  +16.16
TRCMB  TRANSCOM WORLDWIDE SA ADS CL B             8.8400    1.0500  +15.00
CBUK   CUTTER & BUCK                              5.7000    0.7000  +14.08

LOSERS

SLNK   SPECTRALINK CORP                          10.1600   -5.8900  -36.77
RNT.A  AARON RENTS CL'A'                           10.50     -4.85  -31.60
TASRW  TASER INTERNATIONAL WTS 5/06               7.9500   -2.0600  -21.48
RCCC   RURAL CELLULAR 'A'                        14.9900   -3.5600  -19.60
TMAR   TRICO MARINE SVCS                          5.8500   -1.3700  -19.13
HDTV   SPATIALIGHT INC                            5.7900   -1.2600  -17.43
NXTL   NEXTEL COMMUNIC'NS'A'                      8.3600   -1.6500  -16.50
NTLO   NTELOS INC                                 9.9700   -2.0200  -16.42
DAGR   GREEN(DANIEL) CO                           5.5000   -0.9500  -15.83
IOMT   ISOMET CORP                                6.6500   -1.0900  -14.75
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