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Wednesday: The CRB Index has gained 0.11 points to 185.35. The 
US Dollar Index edged higher by 0.40 points to 114.32.

The Dow Industrials moved lower 151.26 points, at 9232.97, while 
the S&P 500 dropped 20.45 points, last seen at 1077.09. The 
Nasdaq Composite fell 75.73 points to 1646.34.
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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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LIVESTOCK: December live cattle closed down $0.32 at $67.10

today. The weak U.S. stock market amid the growing anthrax scare
pressured futures today. News that an IBP packing plant in Lexington,
Nebraska, is closing due to present market conditions also pressured
the futures. Prices did open stronger, but could not hold their
gains. 

December lean hogs closed up $0.15 today at $50.37. Short covering
from perceived oversold conditions gave a slight lift to futures
today, as did a more stable cash market today. Still, the bulls are
sickly in this market. Recent heavy hog runs have bulls worried about
burdensome near-term pork supplies. 

GRAINS: December corn futures closed 1 cent higher at $2.07 3/4
today. The market was supported by firming

basis levels in the cash market and the rally in wheat. Prices scored
an "outside day" up on the daily bar chart today. If there is
follow-through buying interest on Thursday, a bullish key reversal
will be confirmed. 

November soybeans closed 3 1/2 cents higher at $4.34 today. The rally
in wheat and rumored Chinese soybean demand supported beans today.
Prices scored an "outside day" up on the daily bar chart today. If
there is follow-through buying on Thursday, a bullish key reversal up
will be confirmed. Let's see what the weekly USDA export sales data
shows Thursday morning. 

December Chicago SRW wheat closed up 7 cents at $2.84 3/4 today. It
was a big day for the bulls. Prices were boosted by more short
covering, as well as hopes for near-term fresh export demand. Prices
pushed to a fresh seven-week high today and closed near the session
high. 

SOFTS: March N.Y. sugar closed 1 point higher at 6.63 cents today.
Prices today pushed to a fresh two-week high, but then backed off and
closed near the session low. The bulls have seen a nice mini run
since the lows scored a little over a week ago. 

December N.Y. coffee closed 85 points higher at 44.75 cents today.
Prices gapped higher on the daily bar chart on some short covering
after prices set a contract low Tuesday. Bulls should not get too
excited about today's gap-higher trade. Let's see what price action
does Thursday and Friday. Nearby coffee futures prices this week set
a record low. 

December N.Y. cocoa closed $27 higher today, at $1,066. Prices today
showed good follow-through buying strength

and a bullish key reversal up was confirmed on the daily

bar chart. Bulls are gaining momentum. 

December cotton closed 6 points higher at 31.53 cents in quiet
trading today. I do look for some more short covering in the coming
sessions, but make no mistake: bears

are in command. For a longer-term perspective, nearby New York cotton
futures sunk to a low of 29.50 cents in 1986. 

November orange juice on Tuesday afternoon closed at 86.10. That's
off 1.30 cents from the Monday evening close. Prices are due for some
corrective consolidation after the recent big gains. Last week's USDA
Florida orange figure was termed bullish. 

METALS: December COMEX gold futures closed up $1.10 today at $284.00
an ounce. It was another quiet day today. Bulls are trying to
stabilize the market after last week's sell off. Bulls need to show
more strength this week as bears have gained momentum. 

December silver futures closed $0.015 higher at $4.37 an ounce today.
Prices hit a fresh four-week low Tuesday as bears still have the
near-term edge. Silver has also suffered technical damage recently. 

December N.Y. copper closed 50 points lower at 63.90 cents. Prices
today did not show the follow-through buying to confirm a key
reversal up. Prices need to push above 66 cents and see a couple
closes above that level before the bulls get much confidence. 

ENERGIES: December crude closed off $0.16 at $22.10 today. Prices
dropped to a fresh four-week low today. Bears are gaining momentum. A
big bear flag continues to form on the daily chart. If there is a
downside breakout from this big bear flag, the measuring implications
point to possible losses to well below $20.00 per barrel. 

December heating oil closed off 53 points, at .6290 today. Prices hit
another fresh four-week low today. Bears remain in control as it
looks like a big bear flag is forming on the daily bar chart.
Measuring implications from this potential bear flag point to much
larger losses. 

December unleaded gasoline closed 99 points lower at .5863 today.
Prices scored a fresh yearly low today, as bears gain even more
momentum. Expect more volatility in the coming weeks. 

December natural gas closed $0.0149 lower at $2.703 today. Prices
pushed to another fresh five-week high today but then closed near the
session low. Bulls have gained just a bit of momentum, but bears have
the overall advantage.

STOCKS, FINANCIALS, CURRENCIES: The December Euro currency closed 47
points lower today at .9010. Today's close was the lowest closing
price in over a month. Bears are

gaining confidence. Prices are presently trading below a
five-week-old downtrend line drawn off the September and October
highs. 

The December Japanese yen closed up 6 points at .8283 today. Prices
pushed to a fresh two-month low just Tuesday. Bears have control of
the yen. A steep four- week-old downtrend line is in place on the
daily bar chart. 

The December Swiss franc closed 19 points lower at .6101 today. While
a steep four-week-old downtrend line is in place on the daily bar
chart, a longer-term 3.5-month-old uptrend line on the daily bar
chart remains intact. 

The December Canadian dollar closed 25 points lower at .6363 today.
Prices again closed near the session low. Bulls need to step up the
rest of this week or they will lose the slight momentum they have
recently gained. Prices are still in a three-month-old downtrend on
the daily bar chart. 

The December British pound closed 6 points lower at 1.4424. It was
another quiet day today. Bears have the slight edge. Technical damage
has been inflicted recently.

First support is seen at the 1.4344 level. First resistance is now
seen at 1.4500. 

The September U.S. dollar index closed 56 points higher at 114.78
today. Bulls have made progress recently, but need

to keep the pressure on the bears. It appears a head-and- shoulders
bottom reversal pattern has formed on the daily bar chart. 

December U.S. T-bonds closed 17/32 higher at 106 23/32. Bulls are
having a very good week, so far, and they needed it. Bulls can
correctly argue this market was due for some corrective
consolidation. The charts are still favoring the bulls. 

December S&P 500 futures closed off 23.50 at 1076.00. Today, prices
scored a bearish "outside day" down on the daily bar chart, and if
there is follow-through selling on Thursday, a bearish key reversal
down will be confirmed. Still, not much technical damage occurred
today. Let's see what happens Thursday and Friday. This index has
shown resilience, despite the gloomy U.S. economic conditions and
terrorist threats. The growing anthrax

scare did spook traders today. 

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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

LBN2   Random Length Lumber Jul 2002              265.00      8.90  +3.42
ERY0   FTSE Eurotop 100 Cash                      2732.4      67.3  +2.53
WZ1    Wheat Dec 2001                            284 3/4         7  +2.52
CCZ1   Cocoa Dec 2001                               1066        26  +2.50
XWZ1   Wheat Dec 2001                            284 3/4     6 3/4  +2.43
KWZ1   Wheat Dec 2001                                295         7  +2.43
XRZ1   Soybean Oil Dec 2001                        15.24      0.36  +2.41
BOF2   Soybean Oil Jan 2002                        15.45      0.36  +2.39
HGN2   Copper Jul 2002                            0.6570    0.0130  +1.97
MWZ1   Hard Red Spring Wheat Dec 2001            313 1/2         6  +1.95

LOSERS

NDZ1   NASDAQ 100 Index Dec 2001                 1310.00   -103.50  -7.33
NGX1   Henry Hub Natural Gas Nov 2001              2.418    -0.172  -6.64
MDZ1   S&P Midcap 400 Dec 2001                    445.50    -14.35  -3.12
RLZ1   Russell 2000 Index Dec 2001                422.50    -13.50  -3.10
RZ1    Russell 1000 Index Dec 2001                565.50    -13.00  -2.25
XOZ1   Oats Dec 2001                                 188    -4 1/4  -2.23
VGY    Value Line Index - Cash Geometric Feb 20    328.56     -7.33  -2.18
MVZ1   Value Line Index. Mini Dec 2001           1080.00    -24.00  -2.17
RRU2   Rough Rice Sep 2002                         5.000    -0.110  -2.15
SPZ1   S&P 500 Dec 2001                          1076.50    -23.00  -2.09
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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

FILE   FILENET CORP                              13.3700    3.4400  +34.23
ACAM   ACAMBIS PLC ADS                           36.3500    8.4900  +29.27
SURE   SUREBEAM CORP'A'                          11.2500    2.5210  +28.62
PRTH   PARTHUS TECH PLC                           5.9000    1.0889  +22.64
DTHK   DIGITALTHINK INC                           9.0000    1.7000  +21.88
INFS   INFOCUS CORP                              17.1600    3.0700  +21.41
CTAC   1-800 CONTACTS                            15.6100    2.7000  +20.77
SCMM   SCM MICROSYSTEMS                           7.2100    1.0300  +16.30
ALCD   ALCIDE CORP                               23.7500    3.1490  +14.92
MICC   MILLICOM INTL CELLULAR SA                 11.5000    1.4200  +14.06

LOSERS

TESTC  TEST SECURITY                             36.0000  -15.2560  -29.70
PXLW   PIXELWORKS INC                            10.2000   -3.9900  -28.24
RFMD   RF MICRO DEVICES                          18.4900   -5.9100  -24.20
DCN    DANA CORP                                   11.30     -3.26  -22.39
RMBS   RAMBUS INC                                 9.1000   -2.6100  -22.27
UAL-B  UAL CORP 12.25% DEP'B'PFD                   18.85     -4.46  -19.87
SEBL   SIEBEL SYSTEMS                            17.3800   -4.1500  -19.27
UAL-T  UAL CP CAP TR I 13.25%'TOPRS'               20.40     -4.80  -19.05
PSFT   PEOPLESOFT INC                            23.1900   -5.2900  -18.54
CSCC   CENTERSPAN COMMUNICATIONS CORP             7.2500   -1.6450  -18.30

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