W E D N E 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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Wednesday: The CRB Index has gained 1.32 points to 194.32. The
US Dollar Index edged higher by 0.28 points to 117.57.

The Dow Industrials edged lower 211.46 points, at 9712.27, while
the S&P 500 eased 18.62 points, last seen at 1127.57. The
Nasdaq Composite edged lower 56.47 points to 1944.44.
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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 sharply lower on Wednesday as they renewed their
declines off last week's highs. Today's declines have set the stage
for a likely test of December's lows in the near future. Waning
optimism over an early economic rebound this year along with profit
taking following the huge run up off last September's lows continues
to weigh on both indexes. The NASDAQ closed down 56.47 points at
1944.44. The March S&P 500 index also closed sharply lower on
Wednesday negating Tuesday's key reversal up. The March S&P 500 index
closed down 22.50 points at 1126.50.

The Dow closed sharply lower on Wednesday and is challenging the
late-fall lows crossing at 9691.13. Closes below this support level
could lead to a test of November's reaction low crossing at 9408.50
later this month. Today's sell off was triggered by a sharp sell off
in 3M over renewed concerns over asbestos litigation. This pressured
other chemical companies on concerns over asbestos liabilities. Intel
was also lower on the day as fourth quarter net income fell 77%.

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

March T-bonds closed modestly lower on Wednesday as the market
continues to ponder whether or not the Fed will cut interest rates at
the end of January or not. Feb funds are now only predicting a 46%
chance for additional interest rate cuts later this month. The Beige
Book report indicated that economic activity remained weak from late
November through early January. While there are still signs of
caution, there are also scattered reports of improvement. This helped
limit today's loss in March bonds, which remains above the 38%
retracement level of last fall's decline crossing at 103-06. If the
rally off December's low continues, the 50% retracement level
crossing at 104-25 being the next upside target.

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

The CRB index closed higher on Wednesday extending its rebound off
Tuesday's low, which spiked below December's uptrend line. Closes
above last week's high at 195.97 are needed to renew its rally off
last October's low. Support came from higher energy, grain, precious
metal, fiber and some food prices.

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

The energy markets closed higher on Wednesday as a short covering
rally that began in heating oil pulled the rest of the complex higher
into the close. Early weakness was due to fallout from Tuesday's
bearish API inventory reports. However, today's DOE inventory reports
painted a less bearish picture for inventories, which allowed for
modest short covering gains on the day.

March crude oil modestly higher due to light short covering but
remains below the November-December uptrend line, which was broken on
Monday. Today's DOE inventory report failed to provide enough of a
catalyst to send crude oil prices through this broken support level
thereby leaving the door open for sideways to lower prices into
late-January. Stochastics and the RSI are bearish signaling that
additional weakness is possible near-term.

March heating oil closed higher on Wednesday due to a late- day short
covering rebound. Early weakness led to a test of this week's low at
51.50. However, March's failure to push prices below this minor
support level forced locals to cover ahead of the close. The rally
pulled the rest of the complex higher on the day. Momentum indicators
are bearish but becoming oversold hinting that March could be forming
a possible triple bottom.

March unleaded gas closed higher on Wednesday. Early weakness led to
a test of the Nov.-Dec. uptrend line crossing near 54.85. Closes
below this uptrend line would open 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.

February Henry Hub natural gas closed higher on Wednesday and above
the upper boundary of last week's trading range crossing at 2.335.
Multiple closes above 2.335 will confirm today's breakout thereby
opening the door for a possible short covering bounce during the last
half of January. This week's AGA inventory report released today
indicated that U.S. gas storage is 77% full. Short-term momentum
indicators are turning bullish signaling that a short covering bounce
is likely to unfold near-term.

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

The March Dollar closed higher on Wednesday and above last week's
high crossing at 117.80 thereby opening the door for a possible test
of December's high crossing at 118.85 later this month. Stochastics
and the RSI have turned bullish with this week's turnaround in prices
signaling that sideways to higher prices are possible near-term.

The March Swiss Franc posted an inside day with a higher close due to
short covering on Wednesday but remains in a minor downtrend off this
month's high. The inverted head and shoulders bottom, which I have
talked about this week, continues to form. However, closes above
neckline resistance crossing near .6073 are needed before this
bottoming formation can be confirmed.

The March Canadian Dollar closed sharply lower on Wednesday erasing
most of the gains of the past three trading sessions and falling back
into this winter's trading range. March's inability to sustain
Tuesday's breakout above minor resistance crossing at .6290 leaves
the door open for sideways trading to continue into the last half of
January.

The March Japanese Yen closed lower on Wednesday but remains above
this fall's downtrend line. Closes above last Monday's high crossing
at .7696 are needed to confirm this week's trendline breakout.
Stochastics and the RSI have turned bullish signaling that sideways
to higher prices are possible during the last half of January.

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

February gold closed sharply higher on Wednesday thereby ending this
week's setback off last week's high. February posted its highest
close of the year and closed at the 62% retracement level of last
fall's decline crossing at 287.60. Today's rebound returned
short-term momentum indicators including stochastics and the RSI to
bullish modes thereby signaling that additional gains are possible.
If the rally off December's low continues, the 75% retracement level
crossing at 291.40 is February's next target. Today's rally was due
in large part to a flight to quality move on the part of investors
concerned over declining stock values.

March silver posted an inside day with a lower close on Wednesday
signaling that the bounce off Tuesday's low might be ending. Closes
below the 38% retracement level of November's rally crossing at 4.498
and this week's low at 4.46 are needed to renew its decline off last
week's high. Momentum indicators are bearish signaling that sideways
to lower prices are possible during the last half of January.

March copper closed higher on Wednesday but remains in a sideways to
lower trend off last week's high. Uncertainty over the direction of
the U.S. economy and when we will begin to see the much talked about
economic recovery has left many copper traders on the sidelines for
the time being. Nevertheless, as long as March holds above 69.50 the
door will remain open for a possible run at November's high crossing
at 73.70 later this winter.

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

March corn closed higher due to a late-session rally on Wednesday.
Early weakness was tied to a lack of fresh market moving news
following last Friday's friendly USDA reports. However, Argentina
released their 2001-02 corn production projections that were the
lowest since the mid- 1990's. Additional support came from continued
dryness concerns across Southern Brazil, which are having a yield
impact on their corn crop. March closed above last year's downtrend
line crossing near 2.13. Closes above Monday's high crossing at 2.15
1/4 are needed to confirm today's breakout thereby signaling that a
major bottom and trend change has taken place.

March wheat closed higher on Wednesday due to spillover support from
corn and soybeans. March gapped below initial trendline support on
the open but quickly turned higher due to a lack of follow-through
selling after the open. Technically the wheat market is still
overbought despite today's rebound thereby leaving the door open for
sideways to lower prices near-term. Stochastics and the RSI have
turned bearish with this week's decline hinting that sideways to
lower prices are possible during the last half of January. The wheat
market will need to see increased foreign buying and or another
weather related scare either out of South America or the Plains
regarding the U.S. crop to trigger additional buying interest. Until
then, March wheat remains vulnerable to additional weakness and a
possible test of December's uptrend line crossing near 2.90.

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

March soybeans posted a key reversal up on Thursday triggered by
bullish rumors in the meal pit. Additional support came from this
morning's NOPA crush report. December's crush came in at 148.771
million bushels up 4.097 million bushels over November. Early Losses
were limited following the USDA's announcement that 188,975 metric
tonnes of U.S. soybeans were sold to an unknown destination. March
posted its highest close since early-December and is poised to test
November's high crossing at 4.57 1/2 possibly later this week.
Momentum indicators are bullish but indicate that March is becoming
overbought and will likely pause if not setback following an attempt
to test November's high in the near future. Weekly momentum
indicators have turned bullish signaling that sideways to higher
prices are possible into late-winter/ early spring. The market will
continue to keep a close eye on weather forecast for Southern Brazil
as hot- dry weather is expected to continue into the early part of
next week.

March soybean meal closed sharply higher on Wednesday falling just
short of testing the 62% retracement level of the July/January
decline, which crosses at 163. Reports of problems with fishmeal in
Europe triggered today's late rally in soybean meal, which is a key
substitute for fishmeal. However, the $21 run up in meal prices since
the first of the year has pushed the meal market into an overbought
condition leaving it vulnerable to a round of profit taking should
any negative news hint the market. While there is an outside chance
that March meal could test the 75% retracement level of the
aforementioned decline crossing at 168 later this week, a short-term
top appears to be near.

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

April hogs closed lower on Wednesday following a higher opening due
to higher cash bids. Early strength failed to trigger follow-through
buying, which allowed light commercial selling and profit taking to
pressure the market into the close. However, losses were limited, as
cash fundamentals remain strong. Early calls for Thursday's cash bids
are coming in steady to higher.

April cattle closed lower on Wednesday amidst a lack of cash sales
and lower midday boxed beef prices. Losses were limited as traders
are still expecting to see higher cash bids this week along with a
friendly monthly cattle-on-feed report on Friday. April fell back
into this year's trading range as it consolidated some of this week's
gains. Closes above Tuesday's high would set the stage for a test of
October's highs crossing at 75.45 later this month. Momentum
indicators remain bearish warning bullish traders to use caution, as
a short-term top appears to be near. Closes below 72.90 are needed to
confirm this.

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

March coffee closed lower on Wednesday confirming Tuesday's downside
reversal. Origin and local selling pressured the market today
following the latest Green Coffee Association stocks report showed an
increase in U.S. warehouse stocks. Losses were limited as producer
selling dried up near session lows. Momentum indicators are beginning
to turn bearish as they near their respective overbought zones
hinting that a short-term top is in or near.

March cocoa closed higher on Wednesday as they extended Tuesday's
short covering rebound. However, session highs failed to fill
Monday's gap at 1355. Today's high-range close leaves the door open
for a firmer opening on Thursday. However, momentum indicators remain
bearish signaling that this week's breakout below the
November-December uptrend line signaled that a short-term top is in
place. Closes below Tuesday's low at 1260 are needed to confirm this
week's trendline breakout thereby opening the door for a
larger-degree decline into the end of January.

March sugar closed higher on Wednesday but near session lows hinting
that this week's short covering rebound might have come to an end.
Session highs fell short of testing last week's high at 805. Closes
above 805 or below this week's low at 758 are needed to clear up
near-term direction in the market. Short-term momentum indicators
have turned bearish indicating that sideways to lower prices are
possible during the last half of January.

March cotton closed higher on Wednesday thereby confirming Tuesday's
key reversal up. However, a sell off ahead of the close tempered some
of today's gains while leaving the door open for sideways trading on
Thursday. This week's export sales report due out tomorrow morning
before the open will set the tone for trading possibly for the
balance of the week. This week's rebound indicates that the market
has discounted last Friday's bearish USDA report and is conformable
with March cotton remaining range bound for the time being.

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I N O   N E W S
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E X T R E M E   F U T U R E S
____________________________________________________________________________

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

WINNERS

NGG2   Henry Hub Natural Gas Feb 2002              2.394     0.099  +4.32
SMH2   Soybean Meal Mar 2002                       162.7       4.9  +3.10
XEH2   Soybean Meal Mar 2002                         162       4.1  +2.60
CCU2   Cocoa Sep 2002                               1296        32  +2.53
LBH2   Random Length Lumber Mar 2002              262.00      6.40  +2.50
PAH2   Palladium Mar 2002                         424.00     10.00  +2.42
HOG2   Heating Oil Feb 2002                       0.5321    0.0113  +2.17
HGU2   Copper Sep 2002                            0.7250    0.0120  +1.67
SK2    Soybeans May 2002                         457 3/4     7 1/2  +1.66
PLN2   Platinum Jul 2002                             473       7.7  +1.65

LOSERS

AGG2   Silver 1,000 oz. Feb 2002                   4.250    -0.298  -6.55
NDM2   NASDAQ 100 Index Jun 2002                 1570.50    -64.00  -3.92
PNH2   Propane Mar 2002                           0.2720   -0.0105  -3.72
DJZ2   Dow Jones Industrial Avg. Dec 2002           9717      -249  -2.50
ZDH2   Dow Jones Industrial Avg. Mar 2002           9687      -240  -2.42
RLH2   Russell 2000 Index Mar 2002                475.25    -11.00  -2.26
SPM2   S&P 500 Jun 2002                          1127.00    -24.70  -2.15
MVH2   Value Line Index. Mini Mar 2002           1214.50    -26.50  -2.14
MDH2   S&P Midcap 400 Mar 2002                    495.00    -10.25  -2.03
KCH2   Coffee 'C' Mar 2002                         49.25     -1.00  -1.99

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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

SBLU   SONICBLUE INCORPORATED                     5.0200    1.1400  +29.53
IDCC   INTERDIGITAL COMM CORP                    11.9400    2.5000  +26.43
VII    VICON INDUS                                  5.48      0.90  +20.04
STN    STATION CASINOS INC                         13.72      2.12  +18.28
FLAG   FLAG FINANCIAL                             8.9500    1.1400  +14.71
GRIF   GRIFFIN LAND & NURSERIES                  16.3500    2.0700  +14.65
MNC    MONACO COACH                                26.35      3.36  +14.62
MIEC   MAGNA ENTERTAINMENT CORP CL A              8.0000    1.0100  +14.45
IFSIA  INTERFACE INC'A'                           6.2000    0.7600  +13.89
ROSS   ROSS SYSTEMS INC                           8.3000    0.8482  +11.31

LOSERS

GMH    GENERAL MOTORS CL H                         15.55    -11.90  -70.41
GP     GEORGIA-PACIFIC CORP                        23.36     -9.00  -37.50
DYII   DYNACQ INTL                               17.2500   -7.2000  -29.63
FWC-A  FOST WHEELER PFD CAP TR I 9%                 5.26     -1.95  -28.06
KM-T   K MART FINANCING I 7.75% PFD                 9.86     -3.37  -25.30
TALX   TALX CORP                                 19.8500   -4.5100  -18.78
PLT    PLANTRONICS INC                             22.20     -4.82  -17.84
ANR    ANNUITY & LIFE RE (HOLDINGS)                19.51     -3.95  -16.79
HAND   HANDSPRING INC                             6.6000   -1.2000  -15.42
LTXX   LTX CORP                                  19.2000   -3.5300  -15.41
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