T U 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
A complimentary service from INO.com ( http://www.ino.com/ )

Tuesday: The CRB Index has slid 0.56 points to 187.31. The
US Dollar Index declined 0.56 points to 119.48.

The Dow Industrials moved lower 247.51 points, at 9618.24, while
the S&P 500 moved down 32.42 points, last seen at 1100.64. The
Nasdaq Composite slipped 50.93 points to 1892.98.
_____________________________________________________________________

FREE NYBOT Commodity and Option Handbook
Plus Bi-Weekly Hightower Report
http://www.ino.com/specials/comek/nybotintro.html
_____________________________________________________________________

THE SECRET TO MAKING ONE MILLION DOLLARS
http://store.ino.com/sale/1A433/FMC5445-OneMillion
_____________________________________________________________________

Dear Andrew:

Are you willing to invest a few short hours of your time
to learn how to make $1 Million?

Power-packed Videotape Workshop Shows You How to Turn . . .

  $25,830 into $204,000 . . .
  $44,652 into $462,797 . . .
  and $70,482 into $877,500 -

Without Using a 'Holy Grail' Trading System!

Discover powerful methods that can help you make more
money in the next five years than most people make in
their entire lives.

These incredible techniques are:

>> EASY to understand!
>> EFFECTIVE in any market!
>> COMPATIBLE with virtually any trading system!
>> PROFITABLE for both short- and long-term traders!
>> DESIGNED to increase profits without increasing risk!

'No matter what strategies, tools or trading systems you
currently use, the methods in my course can supercharge
your trading profits by up to 500% per year...GUARANTEED!'
- Ryan Jones, Trading Whiz Kid

Whether you trade stocks, futures or options, INO.com
invites you to try the very methods that turned one man's
$30,000 account to $540,000 in just one year!

CLICK HERE FOR FREE 9 PAGE BROCHURE
AND TRADING LESSONS!

http://store.ino.com/sale/1A433/FMC5445-OneMillion

<a href="http://store.ino.com/sale/1A433/FMC5445-OneMillion">Secret to Making $1 Million</a>

Order Toll Free 800-538-7424 - 410-867-7424

All claims on third-party products are made by the publisher
and not by INO.com. All Products Guaranteed.

_____________________________________________________________________

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 sharply lower on Tuesday over bearish concerns
from Tyco and Worldcom. The NASDAQ erased all of the gains of the
past four trading sessions and is poised to test last week's low
crossing at 1879.24 following today's breakout below the 25%
retracement level of the September- January rally crossing at
1930.89. If the decline off January's high resumes, the 38%
retracement level of the September-January rally crossing at 1826.96
is the NASDAQ's next likely target. The NASDAQ closed down 50.93
points at 1892.98. The March S&P 500 index also closed sharply lower
on Tuesday as it broke out below this week's double bottom and is
closing in on the 38% retracement level of the September-January
rally crossing at 1087.97. The March S&P 500 closed down 35.00 points
at 1100.50.

The Dow closed posted a key reversal down and closed below major
support crossing at 9706.20 on Tuesday. Today's sell off was
triggered by a combination of factors including more unsettling news
for Tyco, rumors about Worldcom and a shift in management at IBM.
Today's dramatic breakout below aforementioned support has opened the
door for additional weakness into late-winter with fib support
crossing at 9318.20 marking the next likely downside target for the
Dow.

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

March T-bonds closed sharply higher on Tuesday breaking out above
January's downtrend line signaling that a short-term bottom might be
in place. I would not be surprised to see a possible setback due to
light profit taking ahead of Wednesday's decision by the Fed
regarding interest rates.

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

The CRB index closed lower on Tuesday thereby confirming yesterday's
key reversal down. This week's breakout to new lows has set the stage
for a possible test of the 75% retracement level crossing at 185.93
in the near future. Momentum indicators are oversold but indicate
that additional weakness is possible near-term. Weakness in grains,
pork, some foods and energies pressured the CRB index today. The
recent breakout below last fall's uptrend line indicates that another
round of deflation is hitting commodities. Weekly indicators are on
the verge of rolling over, which would increase the odds that the CRB
could ultimately breakout below the double bottom on the monthly
chart later this year.

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

The energy markets closed lower on Tuesday with the exception of
natural gas ahead of anticipated builds in this week's API inventory
reports due out later this afternoon. Total stocks are significantly
above levels seen a year ago and also above levels widely considered
as a safe cushion. Recent production cuts by OPEC have been more than
off set by weak demand due to a global economic slowdown.

March crude oil extended its setback off last Friday's high, which
leaves the door open for a possible retest of recent lows if this
week's inventory report proves bearish. While momentum indicators
such as stochastics and the RSI have turned bullish this week,
underlying fundamental in crude oil remain weak, which leaves the
market vulnerable to another sell off this winter if demand does not
pickup.

March heating oil closed lower on Tuesday erasing most of last week's
gains over the past two days. This leaves the door open for another
test of the lower boundary of this winter's trading range crossing at
51.20. Multiple closes below this support level would confirm a range
breakout and could lead to a test of weekly support crossing at 49.30
later this winter.

March unleaded gas closed sharply lower on Tuesday in anticipation of
another build in gasoline stocks in this afternoon's API inventory
report. Today's sell off turned a number of momentum indicators
neutral to bearish again, which leaves the door open for another
possible challenge of last fall's uptrend line crossing near 55.55.
Closes below this support level would open the door for a possible
challenge of last fall's low crossing at 51.90 later this winter.

March Henry Hub natural gas closed modestly higher on Tuesday due to
short covering as it consolidated some of Monday's loss. However,
March will need to close above this winter's downtrend line and last
week's high crossing at 2.203 before a short-term bottom is
confirmed. Until then, the door remains open for a possible test of
weekly support crossing at 1.76 later this winter.

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

The March Dollar closed lower on Tuesday due to light profit taking
following Monday's mid-range close. While additional profit taking is
possible on Wednesday, I would not rule out one more surge up with
last year's high crossing at 121.29 marking a likely target.
Stochastics and the RSI are overbought hinting at the very least that
we could see a brief pause near current prices.

The March Swiss Franc closed higher on Tuesday due to light short
covering as consolidated some of its recent losses. However, the
daily ADX is bearish signaling that additional weakness near-term is
likely into early-February. If the decline continues, December's
spike low crossing at .5797 is March's next target.

The March Canadian Dollar closed higher on Tuesday to confirm
Monday's key reversal up. Session highs spiked above the previous
reaction high crossing at .6300 before profit taking ahead of the
close tempered some of today's gain. The mid-range close leaves the
door open for sideways trading on Wednesday. Closes above today's
high at .6312 would confirm a bottom while opening the door for a
larger-degree rebound into February. Momentum indicators are turning
bullish with today's rally signaling that sideways to higher prices
are possible near-term.

The March Japanese Yen closed slightly higher on Tuesday due to short
covering. However, March remains below broken weekly support crossing
at .7558 and last fall's downtrend line crossing near .7600. Closes
above these resistance levels are needed to confirm a bottom has been
posted. Momentum indicators are diverging and turning bullish
signaling that a bottom and trend change might be near.

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

February gold closed sharply higher on Tuesday due to short covering
posting a key reversal up after spiking below the 62% retracement
level of the December-January rally crossing at 278.70 in access
trading. Today's sell off in the U.S. Dollar along with weakness in
the equity markets triggered today's rally due to a flight to quality
move on the part of investors. Additional strength this week would
turn a number of bearish indicators neutral to bullish thereby
increasing the odds that a short-term bottom has been posted.

March silver closed higher on Tuesday after testing the 75%
retracement level crossing at 4.22 in access trading. Today's key
reversal up along with the oversold condition among a number of
momentum indicators strongly suggests that a short-term bottom have
been posted. Closes above broken fib support crossing at 4.32 are
needed before a low can be confirmed.

March copper closed lower on Tuesday but remains locked in last
week's trading range. Closes above or below this range are needed to
clear up near-term direction in the market. Momentum indicators are
bearish signaling that sideways to lower prices are possible into
early February. Closes below last week's low crossing at 69.20 would
open the door for a larger-degree decline during February.

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

March corn posted another new contract low on Tuesday as the stage is
set for a likely test of weekly support crossing at 2.04 1/4 possibly
later this week. The recent break off January's high has opened the
door for a likely decline into February when a mid-winter low is due
to be posted. Weekend rains have halted a decline in South American
corn yields while export demand remains sluggish due in part to the
rally in the U.S. Dollar, which has made U.S. corn more expensive
than foreign feed grade wheat for example. There is little fresh
bullish news for the market to chew on between now and the first of
March, which leaves the door wide open for commodity funds to
continue to pressure the market lower. Short-term momentum indicators
are bearish signaling that sideways to lower prices are possible
during the first half of February.

March wheat extended its breakout below December's uptrend line on
Tuesday thereby confirming yesterday's breakout. The door is open for
additional weakness and a possible test of the late-December low
crossing at 2.83 in the near future. Overnight export sales were off
set by weather forecast, which are calling for increased chances for
precip across the southern Plains, which could drop some much needed
moisture in the form of rain or snow later this week. Expectations
for increased competition from Argentina wheat on the world market
offers little near-term support to the market until it sees a
significant increase in export demand for U.S. wheat.

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

March soybeans closed lower on Tuesday due to renewed fund selling,
which was triggered by weakness in soybean meal. The sell off of the
past two weeks has largely factored in improving weather conditions
across South America with only the uncertainty of Chinese demand left
for bears to sell into. Today's low fell just short of testing the
75% retracement level of January's rally, which crosses at 4.24 3/4.
Closes below this support level would more than likely open the door
for a test of this month's low crossing at 4.15 3/4 by
early-February. At the same time, momentum indicators remain bearish
signaling that sideways to lower prices are likely into
early-February before a mid-winter low is due to be posted.

March soybean meal posted an inside day with a lower close on Tuesday
leaving Monday's upside reversal unconfirmed at this time. March's
inability to sustain Monday's higher close followed by today's
low-range close leaves the door open for additional weakness into
early-February. I am looking for March meal to fill the January 11th
gap crossing at 147.90 and possible test the 75% retracement level of
January's rally crossing at 147 in the near future. Momentum
indicators remain bearish warning bullish traders that additional
weakness is possible into early-February. It will take closes above
Monday's high to temper the near-term bearish outlook in the market.

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

April hogs closed lower on Tuesday but near mid-range as threatening
winter weather is expected to move across the Midwest this week is
being off set by expectations for steady cash bids on Wednesday. A
short covering bounce ahead of the close and this week's CME weekly
belly movement report tempered some of today's loss. April remains
locked in last week's trading range and will need to close above
61.90 or below 59.32 to confirm a breakout and point the next
direction of the next trending move. Momentum indicators are turning
neutral to bullish hinting that sideways to higher prices are still
possible into early- February.

April cattle surged to its highest close since September 19th on
Wednesday. Today's rally was underpinned by fund buying and
speculator short covering triggered by forecasts calling for a winter
storm to move across the Plains and into the Midwest later this week.
Today's rally cleared last October's high of 75.45 but fell short of
testing the 75% retracement level of last year's decline, which
crosses at 76.00. If this resistance level is cleared, we could see
April return to last summer's narrow trading range beginning at 77.10
later this winter. Momentum indicators are bullish but diverging,
which is a warning to bulls that a short-term top might be near.

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

March coffee closed lower on Tuesday for the tenth day in a row as it
posted a new contract low in the process. Fund selling was the
primary factor behind today's decline as expectations of a record
coffee crop in Brazil along with light producer selling continue to
weigh on prices. Multiple closes below the previous low of 44.75 are
needed to confirm today's trading range breakout. If the breakout is
confirmed, the door would be open for a possible test of
psychological support crossing at 40-cents later this winter.

March cocoa closed steady on Tuesday after a short covering rebound
ahead of the close erased early losses. Short-term momentum
indicators are neutral to bullish signaling that sideways to higher
prices are possible into early-February. However, closes above 1422
or below 1260 are needed to confirm a breakout of this winter's
trading range and point the direction of the next trending move.

March sugar plunged to new lows for the year and exceeded December's
low at 690 on Tuesday. News that Iran canceled a tender for sugar
along with a lower opening was all the reason funds needed to short
the market. Today's move to new lows for the year has opened the door
for a likely test of last November's low crossing at 661 possibly
later this week.

March cotton closed modestly higher on Tuesday after tests of last
week's lows in early trading halted today's decline. However,
momentum indicators remain bearish signaling that a test of trading
range support crossing near 34.91 is still possible later this month.
Closes above 39.80 or below 34.91 are needed to confirm a breakout of
this winter's trading range.

Daily Extreme Commentary is brought to you by GLOBALcharts,
INO.com's end-of-day charting software for Futures, Futures
Options and Optionable Stocks. http://www.globalcharts.com
Search the INO Store  - http://store.ino.com/
_____________________________________________________________________

I N O   N E W S
_____________________________________________________________________


CFTC Chairman Newsome Testifies At Energy Hearing
   http://news.ino.com/press/?release=27741
Unanimous Approval To Merge Portugal's BLVP Into Euronext
   http://news.ino.com/press/?release=27740

____________________________________________________________________________

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              2.006     0.117  +6.13
HUU2   New York Harbor Unleaded Gasoline Sep 20    0.6186    0.0280  +4.52
LBX2   Random Length Lumber Nov 2002              276.10      8.80  +3.08
AGJ2   Silver 1,000 oz. Apr 2002                   4.370     0.113  +2.65
YIN2   Mini NY Silver Jul 2002                     4.360     0.080  +1.87
HOK3   Heating Oil May 2003                       0.5601    0.0100  +1.80
KIJ2   Kilo Gold Apr 2002                          284.5         5  +1.79
OH2    Oats Mar 2002                             194 1/2         3  +1.57
SEX2   Sugar #14 Domestic Nov 2002                 21.00      0.30  +1.45
LCG2   Live Cattle Feb 2002                       73.675     1.050  +1.44

LOSERS

SBH2   Sugar #11 World Mar 2002                     6.75     -0.41  -5.71
AGG2   Silver 1,000 oz. Feb 2002                   4.020    -0.223  -5.26
SPH3   S&P 500 Mar 2003                          1114.90    -42.00  -3.64
RH2    Russell 1000 Index Mar 2002                581.25    -18.00  -3.00
QLZ2   Central Appalachian Coal Dec 2002           25.50     -0.75  -2.86
YLH2   NYSE Large Composite Mar 2002              563.85    -15.75  -2.84
NDM2   NASDAQ 100 Index Jun 2002                 1537.00    -44.00  -2.79
YJH2   Mini Dow Jones Industrial Mar 2002           9592      -275  -2.79
YXH2   NYSE Composite Mar 2002                    563.85    -15.75  -2.71
DJU2   Dow Jones Industrial Avg. Sep 2002           9618      -266  -2.69

FREE 2002 World Cup Trading Championship Entry
Real Time Real Prizes & Real Money
http://www.ino.com/specials/robbins/worldcup.html
____________________________________________________________________________

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

POZN   POZEN INC                                  5.9800    1.1000  +22.00
EDUC   EDUCATIONAL DEVELOPMENT                    7.0000    1.0400  +17.13
FILE   FILENET CORP                              22.0500    2.9000  +15.08
NRRD   NORSTAN, INC                               5.7600    0.6200  +11.74
WORK   WORKFLOW MANAGEMENT                        5.6500    0.5500  +10.58
ONIS   ONI SYSTEMS                                5.1000    0.4700  +10.22
EXPE   EXPEDIA INC                               55.8600    4.8720  +9.60
ALOY   ALLOY INC                                 20.1900    1.6600  +9.00
STAR   LONE STAR STEAKHOUSE/SALOON               18.3900    1.4800  +8.94
KM-T   K MART FINANCING I 7.75% PFD                 6.90      0.53  +8.53

LOSERS

REXL   REXHALL INDUS                              6.7000   -1.8100  -25.31
WMB    THE WILLIAMS COMPANIES INC                  18.78     -5.42  -22.45
WWCA   WESTERN WIRELESS'A'                        7.7500   -2.0600  -20.81
TWAV   THERMA-WAVE INC                           12.3600   -3.1500  -20.26
TYC    TYCO INTERNATIONAL                          33.65     -8.30  -19.76
USG    USG CORP                                     7.10     -1.61  -18.48
WMB-I  WILLIAMS COMPANIES INC(THE)                 21.40     -4.18  -16.34
SPTN   SPARTAN STORES INC                         8.5500   -1.6500  -16.18
MMR    MCMORAN EXPLORATION                          5.25     -0.92  -15.21
TTIL   TTI TEAM TELECOM INTL                     27.3600   -4.6600  -14.36
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Thank you for subscribing to the Extreme Markets Daily Digest from INO.com
( http://www.ino.com/ ). If you want to subscribe to our other email
services, or would like to modify your profile please visit
http://www.ino.com/email/.

To subscribe a friend, visit:
  http://www.ino.com/email/

To unsubscribe, visit:
  http://www.ino.com/email/remove/?email=alewis@enron.com&list=evening

--
Copyright 1998-2002 INO.com. All Rights Reserved.