T H U R S D A Y   E X T R E M E   M A R K E T S
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Thursday: The CRB Index is lower 0.63 points to 209.13. The
US Dollar Index trended lower by 0.27 points to 119.09.

The Dow Industrials edged higher by 20.50 points, at 11090.74, while
the S&P 500 rose 6.93 points, last seen at 1276.96. The
Nasdaq Composite moved higher by 46.27 points to 2264.00.

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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 closed higher on Thursday lead by gains in chip
stocks, which jumped almost 7% on mixed news and ahead of Intel's
business update due after the close. The Nasdaq posted a new high
close for the week following Wednesday's setback due to light profit
taking. Momentum indicators remain bullish signaling that sideways to
higher prices near-term are possible. If the rally in both stock
indexes continues, May's highs are the next targets later this month.

The Dow managed to post a modest gain due to a late-session recovery.
Early weakness was tied to losses in tobacco and financial issues
after Philip Morris lost over 5% after a California jury ruled
Wednesday the company must pay a longtime smoker more than $3
billion. However, strength in networking, hardware and software
issues pulled the Dow higher ahead of the close. Closes above 11,350
or below 10,835.40 are needed to clear up near-term direction in the
Dow. Until then, look for two-sided trading to continue.

INTEREST RATES September bonds posted a key reversal down on Thursday
due to profit taking. Today's sell off was triggered by the latest
jobless claims report, which showed continued weakness in the labor
markets. Session highs fell short of testing the 38% retracement
level of this spring's decline crossing at 101-15. Additional
weakness on Friday would confirm today's bearish reversal pattern
thereby increasing the odds that the corrective rally off May's low
might have come to an end.

The CRB INDEX closed lower for the fourth day in a row due to
weakness in some energy markets, some precious metals, foods and
cattle. Momentum indicators remain bearish signaling that additional
weakness near-term is possible. Closes below 208.43 would confirm a
trading range breakout thereby opening the door for a larger-degree
decline during June.

ENERGY MARKETS closed mixed on Thursday. A slowdown in crude oil
deliveries to the U.S. Gulf refining sector and a number of refinery
snags and short covering after the recent declines.

July crude oil posted an inside day leaving Wednesday's key reversal
down unconfirmed. Momentum indicators are bearish but becoming
oversold hinting that Wednesday's low might have also marked a broad
double bottom with April's low crossing at 27.25. If the decline off
May's high continues, a test of April's low crossing at 25.90 is
possible later this month. It will take closes above 29.05 to temper
the near-term bearish outlook in the market.

July heating oil posted an inside day with a lower close on Thursday
due to continued fallout from this week's bearish inventory reports.
Closes below this week's low, which coincides with the 38%
retracement level of the December/May rally crossing at 75.66 would
open the door for additional weakness during June. Stochastics and
RSI are bearish signaling that additional weakness is possible.

July unleaded gas posted an inside day with a higher close due to
light short covering following Wednesday's trendline breakout and
test of the 50% retracement level crossing at 88.93. I would not be
surprised to see additional short covering and a possible test of
broken trendline support on Friday. If the decline continues the 62%
retracement level of this year's rally crossing at 85.62 is July's
next target. Momentum indicators are bearish but becoming oversold
warning bears that a corrective bounce is possible.

July Henry Hub natural gas posted an inside day with a lower close on
Thursday due to continued fallout from this week's bearish AGA
inventory report. Momentum indicators have turned bearish with this
week's decline, as the stage is set for sideways to lower prices into
the end of June due to seasonal weakness. Closes below May's low
would open the door for a possible test of weekly support crossing at
3.54 later this summer.

CURRENCIES The September Dollar posted an inside day due to light
profit taking thereby leaving Wednesday's key reversal up
unconfirmed. The door remains open for a test of weekly resistance
crossing at 121.50 later this month. It would take closes below May's
uptrend line crossing near 118.62, which coincides with gap support
to signal that a short-term top has likely been posted. The daily ADX
(a trend-following indicator) is bullish signaling that additional
strength is possible.

The September Swiss Franc closed lower on Thursday confirming
yesterday's key reversal down. However, closes below last week's low
at .5564 are needed to renew this spring's decline thereby setting
the stage for a test of weekly support crossing at .5508 later this
month. The daily ADX is still in a bearish trend mode signaling that
additional weakness near-term is possible.

The September Canadian Dollar closed higher on Thursday testing the
62% retracement level of this winter's decline crossing at .6573.
Profit taking ahead of the close tempered some of today's gains
leaving the door open for sideways trading on Friday. Momentum
indicators are bullish but becoming overbought warning bulls to use
caution as a short- term top might be near. If the rally continues,
gap resistance beginning at .6600 is the next target.

The September Japanese Yen closed higher on Thursday due to short
covering as it consolidated some of this week's losses. Momentum
indicators have turned bearish from overbought levels thereby
increasing the odds that a short- term may have been posted with last
week's high.

PRECIOUS METALS August gold posted an inside day with a slightly
higher on Thursday as it continues to consolidate around the 75%
retracement level of this spring's rally crossing at 267.20. Closes
above 269.60 or below 265.50 are needed to clear up near-term
direction in the market. If the decline resumes, the reaction low
crossing at 263.20 is August's next target. Weekly momentum
indicators remain bearish signaling that additional weakness during
June appears likely.

July silver closed slightly lower on Thursday but remains above
trading range support crossing at 4.31 cents. Stochastics and RSI are
bearish signaling that additional weakness is possible near-term.
Closes below 4.31 would open the door for a possible test of weekly
support crossing at 4.15 later this month.

July copper closed lower on Thursday thereby confirming yesterday's
downside reversal. Closes below Monday's low crossing at 74.55 would
renew the decline off May's high and open the door for a test of
weekly support crossing at 74.10 later this month. Stochastics and
RSI are bearish signaling that additional weakness near-term is
possible.

GRAINS July corn closed unchanged on Thursday. Early strength was
tied to another week of strong export sales and weather concerns both
in China and the Midwest. However, profit taking ahead of the close
erased early gains as floor sources indicated that traders are
reluctant to buy heavily into a cool/wet weather related rally this
early in the season. Closes above minor resistance at $2.00 is needed
to open the door for a possible test of May's high at 2.11 1/2 later
this month.

July wheat closed higher on Thursday following another week of strong
new-crop export sales. Additional support came from wet weather
across portions of the plains, which has slowed harvest progress,
especially for the soft red winter wheat crop, and is starting to
endanger quality. Wednesday's test and rebound off contract lows at
2.58 1/2 has left the market at an important crossroads. Closes above
2.72 or below 2.58 1/2 is needed to clear up near-term direction in
the market. Stochastics are giving a divergent buy signal with
today's rebound hinting that a double bottom may have been posted
with this week's low.

SOYBEAN COMPLEX July soybeans closed unchanged due to a round of
profit taking ahead of the close. Early strength was tied to
uncertainties over weather forecast as cool/wet conditions across the
Midwest continues to hamper early crop development and allow farmers
to complete this year's soybean planting. While recent highs have
opened the door for a possible test of March's high crossing at 4.77
1/2, today's poor performance also denotes that the undertone of the
market remains rather weak.

July soybean meal posted a downside reversal on Thursday following a
spike above the 62% retracement level crossing at 169.40. Additional
weakness on Friday is needed to confirm today's bearish reversal
pattern. Momentum indicators are bullish but also showing bearish
divergence warning bulls to use caution despite this week's push to
new contract highs. Closes below gap support crossing at 164.80 would
signal that a short-term top has likely been posted.

LIVESTOCK August hogs closed modestly higher on Thursday due to
improving cutout values and spillover strength from bellies. Light
fund and cash connected buying also underpinned today's rally. Today
also marked the official start of the Goldman roll as they were
selling July and buying August. If the rally resumes, April's high
crossing at 65.95 is August's next target. Closes below last week's
gap at 64.00 would strongly suggest that a short-term top has been
posted.

August cattle extended this week's decline closing lower for the
fourth day in a row. However, a short covering bounce ahead of the
close tempered some of today's losses leading to a mid-range close. A
short covering bounce on Friday is possible as traders bank some of
this week's short profits. Momentum indicators have turned bearish
signaling sideways to lower prices into mid-June are possible.

FOOD & FIBER July coffee closed lower on Thursday due to bearish
short-term weather forecasts for Brazil's coffee growing region. July
remains poised to test the late-May low crossing at 57.10. Closes
below this support level would renew this year's decline. However,
momentum indicators are oversold hinting that a short-term low is in
place or near. Closes above 60.80 are needed to temper the near-term
bearish outlook in the market.

July cocoa closed into new lows for the week thereby confirming the
recent breakout below this spring's trading range, which crosses at
955. Today's new low close for the month has renewed the decline off
May's high while setting the stage for a test of fib support crossing
at 862 later this month.

July sugar closed lower on Thursday thereby confirming yesterday's
key reversal down. Today's loss was enough to keep momentum
indicators bearish, as the stage is set for a possible test of last
week's low at 839. Closes below this support level would renew the
decline off May's high and open the door for a test of fib support
crossing at 832 then 808 later this month.

July cotton closed lower on Thursday as it continues to consolidate
above psychological support crossing at 40- cents. Closes above this
year's downtrend line crossing near 43.95 are needed to confirm a
bottom and trend change has taken place. Momentum indicators are
neutral to bullish signaling that sideways to higher prices near-term
are possible.

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T O P   N E W S
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STOCKS

Japan Stocks Review: Nikkei up 0.8% on position adjustment moves
   http://news.ino.com/summary/?id=25663
Add2: US Equities Review: Higher; chip stocks soar despite warnings
   http://news.ino.com/summary/?id=25661
UK Stocks Review: FTSE up with a little help from Wall Street
   http://news.ino.com/summary/?id=25669

FOREX

US FX Review: Sterling trims losses ahead of UK elections
   http://news.ino.com/summary/?id=25665
Asia FX Review: Dollar/yen hovers around 120.00 level
   http://news.ino.com/summary/?id=25662
Europe FX Review: Sterling falls again ahead of poll results
   http://news.ino.com/summary/?id=25664

CREDIT

US Credit Review: Profit-taking drives down most Treasuries
   http://news.ino.com/summary/?id=25660
Europe Credit Review: Debt prices fall at open, never recover
   http://news.ino.com/summary/?id=25666
Japan Credit Review: June ends slightly up in range-bound trades
   http://news.ino.com/summary/?id=25668

COMMODITIES

US Futures Summary: Cocoa at almost 5-month low
   http://news.ino.com/summary/?id=25667

EXCHANGES

OIC Reports May Equity Interest Hits New High
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NYBOT Announces Start Of Block Trading
   http://news.ino.com/press/?release=24534
KFX Announces May Trading Volume Increases
   http://news.ino.com/press/?release=24533
NYMEX Opts For Position Accountability Requirements
   http://news.ino.com/press/?release=24532
Fast Start For INO.com's 'extreme SIGNALS' Futures Service
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CBOT Moves Forward With a/c/e/ Software Enhancements
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NASD Regulation Settles Five Day-Trading Actions
   http://news.ino.com/press/?release=24529
Jiway Adds Another Country, Broadens Stock Coverage
   http://news.ino.com/press/?release=24528
CME Revises Rules For Block Trading Of Eurodollars
   http://news.ino.com/press/?release=24527
El Paso And WestLB Join European Energy Exchange
   http://news.ino.com/press/?release=24526

____________________________________________________________________________

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

NDM1   NASDAQ 100 Index Jun 2001                 1959.00     51.00  +2.67
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256     2 5/8  +2.60
HUF2   New York Harbor Unleaded Gasoline Jan 20    0.7526    0.0124  +1.64
NKU1   Nikkei 225 Stock Avg Sep 2001               13320       210  +1.60
WZ2    Wheat Dec 2002                                333         5  +1.52
ZXM1   New Zealand Dollar/U.S. Dollar Jun 2001    0.4184    0.0059  +1.43
XRN1   Soybean Oil Jul 2001                        15.13      0.20  +1.34
KWU1   Wheat Sep 2001                            326 3/4     4 1/4  +1.32
XSU1   Soybeans Sep 2001                         447 1/4     5 3/4  +1.30
XWU1   Wheat Sep 2001                                275     3 1/2  +1.29

LOSERS

CCZ1   Cocoa Dec 2001                                915       -43  -4.49
PNN1   Propane Jul 2001                           0.4600   -0.0200  -4.17
SBK2   Sugar #11 World May 2002                     7.85     -0.13  -1.65
DAQ1   BFP Milk Aug 2001                           15.32     -0.23  -1.48
KCZ1   Coffee 'C' Dec 2001                         64.50     -0.85  -1.30
SEN1   Sugar #14 Domestic Jul 2001                 20.83     -0.27  -1.28
NTM1   Nikkei 300 Jun 2001                         261.6      -2.5  -0.96
PAU1   Palladium Sep 2001                         619.25     -6.00  -0.96
OJX2   Orange Juice Froz. Conc. #1 Nov 2002        98.40     -0.90  -0.91
TWM1   MSCI Taiwan Index Jun 2001                  238.1      -2.1  -0.88
____________________________________________________________________________

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

STEM   STEMCELLS INC                                5.41      2.13  +64.94
CANI   CARREKER CORP                               15.04      3.85  +34.22
OVTI   OMNIVISION TECHNOLOGIES                      5.50      1.15  +27.32
HDIIU  HYPERTENS'N DIAGNOSTIC UNIT                  7.60      1.60  +26.67
HABKE  HAMILTON BANCORP                             8.08      1.55  +24.22
CCBL   C-COR.NET CORP                              13.45      2.33  +21.86
SONE   S1 CORP                                     13.76      2.29  +19.91
CTRA   CENTRA SOFTWARE                             15.75      2.50  +18.88
SALM   SALEM COMMUNICATIONS CORP CL A              26.19      4.11  +18.45
CCEL   CRYO-CELL INTL                               5.94      0.89  +17.62

LOSERS

ORPH   ORPHAN MEDICAL INC                          11.25     -3.92  -26.13
CVTI   COVENANT TRANSPORT 'A'                      13.00     -3.56  -21.51
ALXN   ALEXION PHARMACEUTICALS                     24.12     -3.90  -13.98
GPI    GROUP 1 AUTOMOTIVE                          22.29     -3.49  -13.42
ELY    CALLAWAY GOLF CO (DEL)                      18.46     -2.76  -12.98
VRST   VERISITY LTD                                16.06     -2.35  -12.74
EMEX   EMEX CORP                                    8.38     -1.20  -12.53
MRVT   MIRAVANT MEDICAL TECHNOLOGIES               11.46     -1.53  -12.32
NOPT   NEON COMM INC                                5.42     -0.71  -11.54
BMM    BMC INDUSTRIES                               5.18     -0.65  -11.11

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