T H U R S 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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Thursday: The CRB Index has eased 2.41 points to 191.91. The
US Dollar Index moved up 0.36 points to 117.95.

The Dow Industrials edged higher by 137.77 points, at 9850.04, while
the S&P 500 edged higher by 11.31 points, last seen at 1138.88. The
Nasdaq Composite moved higher by 41.38 points to 1985.82.
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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 Thursday in response to today's
better-than-expected economic news and earnings reports. The NASDAQ
closed up 41.38 points at 1985.82. The March S&P 500 index also
closed higher on Thursday up 12.30 points at 1138.20.

The Dow closed sharply higher on Thursday following the release of
better than expected economic data this morning. Improved earnings
reports and today's better-than-expected Philadelphia Manufacturing
Sector report that rebounded sharply in January bolstered investor
sentiment. The solid earnings reports out of Apple, Compaq and IBM
led the Dow higher following Wednesday's test of key support crossing
at 9706.20. A higher close on Friday would begin the temper the
near-term bearish outlook in the Dow as momentum indicators are
showing signs of bottoming out.

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

March T-bonds closed sharply lower on Thursday pressured by
firmer-than-expected economic data, which combined with recent
comments by the Fed has left the market uncertain about whether or
not another cut in interest rates is coming later this month. March
bonds closed below January's uptrend line crossing near 103-26.
Today's close below Monday's low of 103-29 has opened the door for
additional weakness in access trading. Momentum indicators had been
warning traders that a short-term top was near due to their
overbought condition. Additional weakness on Friday would turn these
indicators bearish thereby signaling that sideways to lower prices
are possible during the latter part of January.

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

The CRB index closed sharply lower on Thursday thereby ending the
two-day bounce off Tuesday's low. The CRB is poised to test last
fall's downtrend line crossing near 191.20 possibly on Friday. Closes
below this support level would confirm that a short-term top has been
posted. Today's sell off was triggered by weakness in grains, cattle,
precious metals, foods and energies. Momentum indicators have turned
bearish with this week's sell off and signal that additional weakness
is possible during the last half of January.

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

The energy markets closed sharply lower on Thursday thereby ending
this week's two-day short covering bounce. Rising inventories along
with uncertainty over a recovery in the world economy appears to have
caught up with the markets. Funds were noted sellers today, which
pressured the entire complex. Without an increase in demand, recent
cuts by OPEC appear mute leaving the door open for additional
weakness in the coming weeks.

March crude oil closed sharply lower on Thursday thereby confirming
this week's breakout below last fall's uptrend line. Session lows
fell short of testing December's reaction low crossing at 18.45.
Stochastics and the RSI are bearish signaling that additional
weakness is possible near-term. I would not be surprised to see March
crude test November's low at 17.55 before buying returns to the
market.

March heating oil posted a key reversal down on Thursday with session
lows spiking below last fall's low at 51.30. Additional weakness on
Friday with closes below this support level would confirm today's
bearish reversal pattern and could lead to a breakout of the
fall/winter trading range. If a breakout occurs, weekly support
crossing at 49.30 is March's next target. This week's inventory
reports continue to show poor demand when it should be strong. This
does not bode well for higher prices anytime soon.

March unleaded gas closed sharply lower on Thursday and below last
fall's uptrend line crossing 54.85. Today's breakout below this
uptrend line opened the door for a test of December's low crossing at
53.00 later this month. Stochastics and the RSI remain bearish
signaling that additional weakness is possible into the last half of
January. Seasonally, gasoline demand will continue to decline into
late March, which has been evident by soaring gasoline inventories in
the U.S. over the past few weeks. This would indicate that March
futures will eventually test if not exceed last fall's lows later
this winter.

February Henry Hub natural gas closed lower on Thursday and fell back
into this month's trading range due to spillover selling pressure
from crude and its products. Additional pressure came from the
extended forecast, which is calling for normal to above normal temps
across high demand regions of the country. Today's sell off has
opened the door for a resumption of this month's trading range as the
market consolidates above weekly support crossing at 2.17.

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

The March Dollar closed higher for the third day in a row on Thursday
and is poised to test December's high crossing at 118.85 later this
month. The mid-range close leaves the door open for a possible round
of profit taking on Friday. However, stochastics and the RSI are
bullish signaling that additional gains are possible near-term.

The March Swiss Franc posted an inside day with a lower close as it
continues to consolidate above last fall's trading range support
crossing at .5973. Multiple closes below this support level or above
neckline resistance crossing near .6067 are needed to clear up
near-term direction in the market. Stochastics and the RSI have
turned bearish signaling that sideways to lower prices are possible
into the latter part of January.

The March Canadian Dollar plunged to new contract lows on Thursday
however, a short covering rally ahead of the close tempered today's
losses. The mid-range close leaves the door open for a likely inside
day on Friday as March will likely consolidate some today's loss.
Momentum indicators will turn bearish with additional weakness
thereby signaling that additional weakness is possible during the
last half of January.

The March Japanese Yen closed lower on Thursday as it has entered a
trading range above long-term support crossing at .7558. Closes below
this support level or above last Monday's high of .7696 are needed to
confirm a range breakout and point the direction of the next likely
trending move.

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

February gold closed sharply lower on Thursday thereby erasing much
of Wednesday's gains. Pressure from higher equity prices, further
shrinkage in forward rates and concerns about stop loss selling
triggered today's round of long-liquidation. Momentum indicators are
overbought and turning bearish thereby increasing the odds that the
rally off December's low is near a top. February's inability to
sustain multiple closes above the 62% retracement level of last
fall's decline crossing at 287.60 is another sign of technically
related trouble in this market. Closes below Tuesday's low at 283
would increase the odds that a short- term top has been posted.

March silver closed into new lows for the week on Thursday and below
the 38% retracement level of November's rally crossing at 4.498. If
the decline continues, fib support crossing at 4.412 then 4.327 cents
are March's next likely targets. Momentum indicators are bearish
signaling that sideways to lower prices are possible during the last
half of January.

March copper closed slightly lower in lackluster trading on Thursday.
Traders remain on the sidelines for the most part due to uncertainty
over the direction of the world economy. Closes above 72.40 or below
69.50 are needed to clear up near-term direction in the market.
Momentum indicators are bullish but nearing their respective
overbought zones hinting that time might be running out for bulls.

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

March corn closed lower on Thursday due to light profit taking
triggered by the market's failure to sustain the gap higher opening.
Early strength was tied to this morning's solid export sales report
that showed net sales of 35.8 million bushels. Additional early
strength came from continued weather related problems with southern
Brazil's corn crop. However, prices quickly stalled following the gap
higher opening, which triggered a sell off that filled the opening
gap. Prices stabilized briefly but came under renewed selling ahead
of the close as buying interest failed to materialize into the close.
Despite today's lower close, March managed to hold above last year's
downtrend line. However, closes above Monday's high at 2.15 1/4 are
needed before this week's trendline breakout can be confirmed. From a
broader perspective, weekly momentum indicators are diverging and
have turned bullish signaling that sideways to higher prices into
spring are likely.

March wheat posted a key reversal down on Thursday and closed below
initial trendline support thereby signaling that a short-term top has
been posted. However, today's mid- range close leaves the door open
for sideways trading on Friday. Today's weakness was triggered by a
lackluster weekly export sales report that showed net sales of just
13.85 million bushels. This disappointing export sales figure was
just not enough of a reason for the market to extend its rally off
December's low despite bullish acreage fundamentals. Spillover
pressure came from corn's poor performance along with news that wheat
growing regions in China have received some moisture. Weather
forecast are also calling for light moisture to fall across the U.S.
Plains next week however, there is no damaging cold temps in the
forecast. If March continues its decline off Monday's high,
December's uptrend line crossing near 2.90 1/2 is its next likely
target. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible into the latter part of January.

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

March soybeans closed lower on Thursday despite a very strong export
sales report. This morning's report showed net export sales of 42.6
million bushels, which led to early strength in the session. However,
a lack of follow-through buying after the open along with profit
taking in soybean meal triggered a sell off and lower close on the
day, which left Wednesday's key reversal up unconfirmed. The market's
inability to rally of bullish news is an indication that a short-term
top is in or near. Today's mid-range close leaves the door open for
sideways trading on Friday with an outside chance for March to test
November's high at 4.57 1/2. However, momentum indicators have become
overbought warning traders that a round of long-liquidation to
consolidate some of this month's gains is possible in the near
future.

March soybean meal closed lower on Thursday due to light profit
taking following a higher opening triggered by today's supportive
export sales report. The report showed net sales of 260,300 metric
tonnes, which was above the previous week's level and underscores the
strong foreign demand for U.S. meal. However, this morning's test of
the 62% retracement level of the July/January decline, which crosses
at 163 met with profit taking on ideas that Wednesday's rally
triggered by rumors of fishmeal contamination in Europe were
overdone. Today's mid-range close leaves the door open for sideways
trading on Friday. If the rally continues, the 75% retracement level
crossing at 168 is March's next target. Momentum indicators have
become overbought after rallying $21 off January's low leaving the
market vulnerable to a round of long-liquidation as the market is in
need of consolidating some of this month's gains.

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

April hogs closed slightly higher on Thursday in subdued trading as
the market awaits Friday's USDA cold storage report. Cash bids of
50-cents to $1.00 higher provided a firm undertone for the market.
Packers are expected to push for supplies ahead of the weekend, which
should support steady to higher cash bids on Friday. April hogs are
consolidating around key weekly resistance crossing at 61.13. If the
rally off last fall's low continues, weekly resistance crossing at
63.60 is April's next target. At the same time, momentum indicators
are diverging, which is often a precursor to a top and trend change.
Closes below the December-January uptrend line and Monday's low
crossing at 60.15 are needed to confirm a top has likely been posted.

April cattle closed lower on Thursday but near mid-range due to light
fund selling on the close. Commercial buying provided underlying
support for the market, which continues to look for higher cash bids
to lift futures out of their current trading range. April's inability
to sustain Tuesday's breakout above trading range resistance and the
62% retracement level of last year's decline crossing at 74.34
indicates that the expected higher cash bids this week have likely
been factored into prices. April remains at a crossroads and will
need to close above Tuesday's high or below last fall's uptrend line
crossing near 72.80 to clear up near-term direction in the market.
Friday's monthly cattle on feed report might provide the market with
the catalyst needed to clear up near-term direction.

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

March coffee closed lower on Thursday for the third day in a row
thereby confirming a breakout below January's uptrend line. Light
fund selling weighed on prices however, a lack of producer hedging
limited today's losses that led to a mid-range close. This leaves the
door open for sideways trading on Friday. Momentum indicators are
beginning to turn bearish signaling that sideways to lower prices are
possible during the last half of January.

March cocoa posted an inside day with a lower close on Thursday
indicating that the short covering bounce off Tuesday's low has
likely come to an end. However, March will need to close below this
week's low at 1260 to confirm this week's trendline breakout, which
would also open the door for a large-degree decline into the end of
January. Momentum indicators are bearish signaling that additional
weakness appears likely.

March sugar gapped down and closed sharply lower on Thursday thereby
confirming this week's breakout below December's uptrend line. A
short covering bounce ahead of the close tempered some of today's
loss leaving the door open for sideways trading on Friday. However,
the door has been opened for a test of last fall's uptrend line
crossing near 720 later this month. Momentum indicators are bearish
signaling that sideways to lower prices are possible during the last
half of January.

March cotton managed to close higher for the third day in a row on
Thursday. Light support came from today's export sales report that
showed net sales of 133,000 bales. The fact that March has been able
to extend its rebound off Wednesday's low indicates that last week's
bearish S&D report has been factored into prices. Momentum indicators
are bullish signaling that sideways to higher prices are possible
during the last half of January with November's high of 39.80 being a
potential target later this month.

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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

PNH2   Propane Mar 2002                           0.2780    0.0090  +3.26
NDH2   NASDAQ 100 Index Mar 2002                 1595.00     32.00  +2.05
XOH2   Oats Mar 2002                             192 1/4     3 1/2  +1.84
MDH2   S&P Midcap 400 Mar 2002                    502.00      7.85  +1.59
RLM2   Russell 2000 Index Jun 2002                482.75      6.60  +1.39
YJH2   Mini Dow Jones Industrial Mar 2002           9815       125  +1.29
NKM2   Nikkei 225 Stock Avg Jun 2002               10245       130  +1.29
ERY0   FTSE Eurotop 100 Cash                      2782.6      34.4  +1.25
DJM2   Dow Jones Industrial Avg. Jun 2002           9813       121  +1.25
SPM3   S&P 500 Jun 2003                          1146.20     14.00  +1.22

LOSERS

NGG2   Henry Hub Natural Gas Feb 2002              2.254    -0.139  -5.81
SBH2   Sugar #11 World Mar 2002                     7.48     -0.37  -4.71
CLG2   Light Sweet Crude Oil Feb 2002              17.97     -0.82  -4.35
GCF2   Gold Jan 2002                               284.4     -11.3  -3.93
HUH2   New York Harbor Unleaded Gasoline Mar 20    0.5498   -0.0211  -3.69
HOJ2   Heating Oil Apr 2002                       0.5200   -0.0186  -3.47
SIZ4   Silver Dec 2004                             4.538    -0.128  -2.75
YIK2   Mini NY Silver May 2002                     4.460    -0.120  -2.62
GIH2   Goldman Sachs Commodity Index Mar 2002     168.00     -4.00  -2.33
RRH2   Rough Rice Mar 2002                         3.785    -0.085  -2.20

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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

ONCO   ON COMMAND                                 5.7500    1.6000  +34.78
ASW    A.C.L.N. LTD                                 6.79      1.61  +30.84
NCNX   NUCENTRIX BROADBAND NETWORKS              13.3500    2.9500  +28.23
CATZ   COMPUTER ACCESS TECH                       6.2000    1.3800  +27.60
HDTV   SPATIALIGHT INC                            5.2100    1.0500  +25.86
XTND   EXTENDED SYSTEMS                           7.6500    1.3500  +21.23
INVN   INVISION TECHNOLOGIES                     34.5600    5.5700  +19.34
IOMT   ISOMET CORP                                5.3200    0.8800  +19.05
MKT    ADVANCED MARKETING SVCS INC                 20.50      3.12  +17.59
MEDW   MEDIWARE INFORMATION SYS                   5.2500    0.7200  +16.82

LOSERS

CBST   CUBIST PHARMACEUTICALS                    17.0200  -14.7400  -46.43
MCAF   MCAFEE.COM CORP'A'                        23.0800   -9.1900  -28.46
PROX   PROXIM INC                                 6.7500   -2.0600  -23.62
NMTC   NUMERICAL TECHNOLOGIES                    18.8000   -5.7000  -23.00
DTHK   DIGITALTHINK INC                           7.2600   -2.1800  -22.43
IIVI   II-VI INC                                 14.2500   -3.7200  -20.55
LABL   MULTI-COLOR CORP                          15.0000   -3.6000  -19.51
ENDP   ENDO PHARMACEUTICALS HLDS INC             10.5600   -2.4000  -18.60
HCR    MANOR CARE INC                              19.26     -3.65  -15.92
SMTF   SMARTFORCE PLC ADR                        19.3000   -3.4500  -15.16
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