F R I 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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Friday: The CRB Index is up 0.37 points to 184.49. The 
US Dollar Index moved up 0.02 points to 115.57.

The Dow Industrials gained 82.27 points, at 9545.17, while 
the S&P 500 climbed 4.52 points, last seen at 1104.61. The 
Nasdaq Composite dropped 6.51 points to 1768.96.
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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
_____________________________________________________________________

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed slightly lower on Friday due to light profit
taking ahead of the weekend. Nevertheless, this week's rally to new
highs for October keeps the fall rally intact and sets the stage for
a possible test of fib resistance crossing at 1857.56 later this
fall. The December S&P 500 index also closed slightly lower in quiet
trading on Friday leaving Thursday's key reversal up unconfirmed.
Session highs fell just short of testing last week's high at 1114.50
before profit taking pressured the market into the close. If the
rally continues, the 50% retracement level of the May/September
decline crossing at 1137.45 is December's next upside target. 

The Dow closed higher on Friday thereby confirming yesterday's key
reversal up. Session highs fell short of testing broken fib support
crossing at 9636. The new high close for the month keeps this fall's
rebound alive while setting the stage for a possible test of this
summer's downtrend line, which crosses near 9905 later this fall. 

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

December bonds posted an inside day with a higher close on Friday.
Early weakness led to a jab below broken resistance crossing at
107-11. However, a lack of follow-through selling failed to
materialize, which triggered a short covering rally into the close.
Friday's new contract high close sets the stage for additional gains
into early- November and a possible test of the October 1998 high,
which crosses at 111-21 later this year. This week's rally has turned
the daily ADX bullish. 

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

The CRB index closed slightly higher on Friday due strength in gold,
fiber and some energy markets. The CRB is trying to carve out a
bottom just above the July 1999 low crossing at 182.67. Closes above
191.99 are needed to confirm that a bottom has been posted. The daily
ADX remains bearish but hints that this fall's decline may soon come
to an end.

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

The energy markets closed mixed on Friday in quiet trading. Recent
talk that OPEC will cut crude oil production by as much as 750,000
barrels on November 14th has put a floor under crude oil and the
products for the time being. 

December crude oil closed slightly higher on Friday as it posted an
inside week. Closes above 22.80 or below 21.41 are needed to clear up
near-term direction in the market. Daily momentum indicators are
bearish but becoming oversold while weekly indicators are bearish and
signal that new lows are still possible later this fall. 

December heating oil closed lower on Friday in lackluster trading as
it ended its fourth week of sideways trading. Closes above 68.60 or
below 61.40 are needed to confirm a breakout of this fall's trading
range and point the direction of the next trending move. Momentum
indicators are neutral to bullish hinting that sideways to higher
prices are possible into early-November.

December unleaded gas closed lower on Friday confirming Thursday's
downside reversal. Closes below 58.25 would set the stage for a
possible test of last week's low crossing at 56.80. However,
stochastics and RSI are bullish signaling that sideways to higher
prices are still possible.

December Henry Hub natural closed higher on Friday as it extends this
month's short covering rally and confirmed Wednesday's breakout above
the April/August downtrend line. Friday's high-range close leaves the
door open for additional strength on Monday as the seasonal trend
points to higher prices into mid-winter. Stochastics and RSI are
becoming overbought but signal that additional strength is still
possible.

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

The December Dollar posted an inside day with a slightly higher close
on Friday thereby leaving Thursday's key reversal down unconfirmed.
December is at a crossroads having spiked above September's high,
which coincides with the 50% retracement level of this summer's
decline at 116.65. Multiple closes above this resistance level are
needed to keep this fall's rally alive. Closes below October's
uptrend line and Thursday's low at 115.45 would all but confirm that
a short-term top has been posted. 

The December Swiss Franc posted an inside day with a slightly lower
close on Friday leaving yesterday's key reversal up unconfirmed.
December remains below broken trendline support crossing near .6082,
which leaves the door open for additional weakness this fall if
December can close below Tuesday's low at .5996. If the decline
resumes, the 50% retracement level crossing at .5944 is December's
next target. 

The December Canadian Dollar posted an inside day with a lower close
on Friday as it continues to consolidate above this week's low, which
appears to have also marked a double bottom with the late-September
low at .6315. Closes above .6367 would temper the near-term bearish
outlook in the market and could set the stage for a possible test of
October's high at .6422 later this fall. 

The December Japanese Yen posted an inside day with a higher close
due to light short covering on Friday. However, the rising ADX
signals that additional weakness into the end of October is still
possible. If the decline continues, the reaction low crossing at
.8090 is a potential target later this fall. 

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

December gold closed higher on Friday as it extended its short
covering bounce off this week's low. Friday's close above the 62%
retracement level, which crosses at 278.10 has tempered the near-term
bearish outlook in the market while opening the door for additional
short covering into early- November. Stochastics and RSI are oversold
and turning neutral hinting that a low is in or very near. 

December silver closed slightly lower on Friday as it consolidates
above September's gap crossing at 4.20. If this support level gives
way, September's low at 4.175 is the next downside target. However,
momentum indicators are very oversold hinting that a short-term
bottom might be near. Closes above broken fib support crossing at
4.294 are needed before a bottom is confirmed. 

December copper closed sharply higher on Friday due to short covering
after failing to extend this week's decline below last Friday's low
at 62.25. Today's close at broken long- term support crossing at
63.50 hints that additional short covering is possible. However, it
will take closes above last week's high of 65.20 to signal that a
bottom is in place. Momentum indicators are oversold and turning
neutral to bullish hinting that additional short covering is possible
next week. 

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

December corn closed lower on Friday due to light profit taking ahead
of the weekend. Session highs tested the September/October downtrend
line crossing near 2.07 but was unable to overcome this resistance
level. Until this initial resistance level is broken, the door
remains open for a possible test of this summer's low crossing at
2.02 1/4 this fall. With the bulk of this year's corn harvest still
ahead of us along with the upcoming November supply/demand report,
upside potential near-term appears limited. 

December wheat closed above key resistance marked by August's high at
2.93 1/2 as it confirmed Thursday's key reversal up. This week's
strong export sales report along with mounting concerns over flooding
in Argentine wheat country continues to underpin this fall's rally.
Multiple closes above August's high would confirm today's breakout
thereby setting the stage for a test of the 50% retracement level of
the January/September decline crossing at 2.97 possibly on Monday.
Momentum indicators are bullish but becoming overbought while the
daily ADX (a trend-following indicator) has turned bullish signaling
that sideways to higher prices into early-November are possible. 

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

November soybeans posted an inside day on Friday due to light profit
taking ahead of the weekend as it consolidated some of this week's
gains. With soybean harvest rapidly coming to an end, downside risk
appears limited at this time. Thursday's breakout above October's
downtrend line signaled that a harvest low might be in place. Closes
above the August/September downtrend line crossing near 4.36 are
needed before this is confirmed. This week's downturn by the daily
ADX provides added confirmation that an important low was posted
earlier this week. 

December soybean meal closed higher on Friday due to light short
covering. Session highs fell short of filling this month's gap
crossing at 163.90 before a sell off ahead of the close tempered some
of today's losses. Friday's mid- range close leaves the door open for
a possible setback on Monday as December may try and consolidate some
of this week's gains. Longer-term, the door is open for a test of the
top of the gap crossing at 163.90 then October's high crossing at
167. 

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

December hogs closed higher on Friday due to short covering ahead of
the weekend as the market consolidated some of this week's losses.
Additional pressure came from light position squaring ahead of this
afternoon's monthly USDA hogs and pigs report. This afternoon's snout
count showed the U.S. pig crop as of September was 8.56 million head,
slightly below the previous year's level. Sow farrowing during this
time frame totaled 964,000 head, 1% below last year. The average
litter size for September rose to 8.88 compared with 8.84 last year.
This afternoon's report had no surprises in it so traders will
continue to focus on demand versus supply for near-term direction.
Weekly momentum indicators are bearish signaling that sideways to
lower prices are likely into November. The daily ADX is also bearish
mode and rising, which signals that additional weakness is possible.

December cattle posted an inside day with a slightly lower close on
Friday leaving Thursday's key reversal up unconfirmed. Gains were
limited as cash bids continue to run at a discount to futures prices.
Closes above the September/October downtrend line crossing near 67.50
are needed to confirm that a bottom has been posted. Stochastics and
RSI are neutral to bullish signaling that sideways to higher prices
are possible into early November.

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

December coffee posted a key reversal down on Friday due to producer
selling as harvest is beginning in southeast Mexico. Session highs
fell short of testing broken long-term support marked by the April
1975 low, which crosses at 45.25. Additional weakness on Monday is
needed to confirm today's bearish reversal pattern. Closes below
Monday's low would renew this year's decline while setting the stage
for a possible test of psychological support crossing at 40- cents
later this year.

December cocoa posted a key reversal up on Friday following a spike
below the 62% retracement level of the September/October rally, which
crosses at 979. Additional strength on Monday is needed to confirm
today's bullish reversal pattern. However, closes above Wednesday's
high at 1022 are needed to signal that a short-term bottom was posted
with today's low. Stochastics and RSI are bearish but oversold
hinting that a low is in or near. 

March sugar posted an inside day with a lower close on Friday hinting
that a short-term top might be in placed. A close below this week's
low crossing at 660 is needed before this can be confirmed.
Stochastics are bullish but becoming overbought warning traders to
use caution as a short-term top might be in or is near. If the rally
off this month's low continues this summer's downtrend line crossing
near 709 is March's next upside target. 

December cotton closed higher on Friday due to short covering as it
posted a key reversal up due to its extreme oversold condition.
However, December remains below broken long-term support crossing at
29.50 cents. With December cotton trading at new 29-year lows,
additional weakness is still possible. The daily ADX (a
trend-following indicator) is still in a bearish mode signaling that
additional weakness near-term is possible. 

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I N O   N E W S   
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American Stock Exchange Announces First Japanese ETF 'Twin'
   http://news.ino.com/press/?release=27096
NYMEX Reassures Building Occupants On Air Quality
   http://news.ino.com/press/?release=27095
Nasdaq Announces New Listing Fee Schedule
   http://news.ino.com/press/?release=27094
Final Rules On Security Futures Products Adopted
   http://news.ino.com/press/?release=27093
European Power Exchanges Announce Merger
   http://news.ino.com/press/?release=27092

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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

PAZ1   Palladium Dec 2001                         343.00     22.00  +6.85
LBU2   Random Length Lumber Sep 2002              257.00     10.00  +3.91
WN3    Wheat Jul 2003                                321        12  +3.88
NGX1   Henry Hub Natural Gas Nov 2001              3.041     0.112  +3.81
AGJ2   Silver 1,000 oz. Apr 2002                   4.310     0.155  +3.64
ERY0   FTSE Eurotop 100 Cash                      2774.8      69.3  +2.56
PLF2   Platinum Jan 2002                           423.4       9.1  +2.20
DAX1   BFP Milk Nov 2001                           11.34      0.24  +2.16
XWZ1   Wheat Dec 2001                                295     6 1/4  +2.16
KWZ1   Wheat Dec 2001                            301 1/2     5 1/4  +1.77

LOSERS

DBZ1   Butter Dec 2001                           130.000    -5.000  -3.70
QLX1   Central Appalachian Coal Nov 2001           33.25     -1.00  -2.92
RRX1   Rough Rice Nov 2001                         3.625    -0.095  -2.55
NKH2   Nikkei 225 Stock Avg Mar 2002               10835      -240  -2.17
KCZ1   Coffee 'C' Dec 2001                         43.40     -0.95  -2.14
NDZ1   NASDAQ 100 Index Dec 2001                 1451.50    -30.50  -2.06
SBN2   Sugar #11 World Jul 2002                     6.21     -0.09  -1.43
HOZ1   Heating Oil Dec 2001                       0.6304   -0.0086  -1.34
SX2    Soybeans Nov 2002                         449 1/2    -4 1/4  -0.94
HUZ1   New York Harbor Unleaded Gasoline Dec 20    0.5881   -0.0052  -0.88

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E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

AVNT   AVANT CORP                                11.3000    4.1100  +57.56
SPEX   SPHERIX INC                                9.4800    3.0500  +44.92
DGIN   DIGITAL INSIGHT                           16.8100    4.6900  +38.13
OVER   OVERTURE SERVICES INC                     25.5000    6.4500  +33.86
ZNGN   ZENGINE INC                                5.9000    1.3800  +29.68
RSAS   RSA SECURITY INC                          12.1800    2.5400  +26.74
VSR    VERSAR INC                                   5.25      1.02  +24.11
IMNY   I-MANY INC                                 5.4400    0.9800  +21.78
CTLM   CENTILLIUM COMMUNICATIONS                  6.0000    1.0500  +21.65
TALX   TALX CORP                                 18.0600    3.2300  +21.55

LOSERS

TEST   TEST SECURITY 1                           13.6700   -6.3400  -31.70
ANR    ANNUITY & LIFE RE (HOLDINGS)                24.01     -8.84  -26.91
SCSC   SCANSOURCE INC                            43.7000  -13.6700  -24.02
SWC    STILLWATER MINING COMPANY                   16.44     -4.05  -19.76
VRSN   VERISIGN INC                              42.8200  -10.5400  -19.76
ILUM   ILLUMINET HOLDINGS                        39.6300   -9.2100  -18.87
GPI    GROUP 1 AUTOMOTIVE                          28.31     -6.20  -18.02
OPTV   OPENTV CORP CL A                           7.5000   -1.6200  -17.90
OGLE   OGLEBAY NORTON                            11.4000   -2.2600  -16.13
IMMR   IMMERSION CORP                             5.0400   -0.9225  -15.47
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