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Wednesday: The CRB Index is falling 0.04 points to 214.56. The
US Dollar Index declined 0.02 points to 116.06.

The Dow Industrials dropped 17.96 points, at 10866.46, while
the S&P 500 declined 5.72 points, last seen at 1255.48. The
Nasdaq Composite softened 42.51 points to 2156.26.

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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
_____________________________________________________________________

June stock indexes close lower today. Prices are basically trading
sideways. The Nasdaq June futures are still within striking distance
of the April high of 1995. Sideways trading the past week has negated
a fledgling four-week-old uptrend on the daily bar chart. Bulls still
have some heavy lifting to do and their next upside objective is
resistance at the key 2,000 area. First support is seen at the 1,732
area. June S&P 500 futures closed lower. Prices have also leveled off
the past week, after rallying solidly off the early-April low.
Technically, bulls still need to push prices above the 1285
resistance area. My bias is still that any recovery in the stock
market and the stock indexes won't be dramatic, but a slower grind
higher, with fits and starts. First resistance is seen at 1285.00.
First support is seen at 1206.00.

LIVESTOCK: June live cattle closed $1.17 lower at 70.00 today. Ouch!
Prices gapped sharply lower on the daily bar chart and hit a fresh
eight-month low today. Reports that cash cattle traded $1.00 lower
today at some locations sent the futures market tumbling. Today's
plummet leaves the June futures well overextended, technically, on a
short-term basis. A corrective bounce is in order. The bears are in
full control of the market. Prices are trading way below an
accelerating two-month-old downtrend line on the daily bar chart.
Next support, basis June, is seen at $69.00. First resistance now
comes in at the $70.50 level.

August feeder cattle were pressured by the fat cattle futures and
closed off 75 cents today at $87.50. Prices closed near the session
low today and are now down in the lower portion of the recent trading
range. If recent history continues to play out, the market will
bounce up from the losses of the past two days. But if prices break
down below the bottom of the recent trading range, which is right at
today's low of $87.40, then the door is opened to a lower trend down
to the January low just above the $86.00 level. Next resistance is
seen at $87.80. First support is seen at $87.25.

June lean hogs closed $0.58 lower today, at $66.92. Prices are still
showing consolidation at lower levels, after the sell off last week.
Firmer cash hog trade today could not stave off the technical
weakness this market is experiencing. The bears have the strong
momentum on their side at present. Next support lies at $66.25. First
resistance is located at the 68.15 level.

GRAINS: July corn futures closed unchanged at $2.05 today. It was a
quiet "inside day" on the daily bar chart today, ahead of Thursday's
USDA supply and demand report and the weekly export sales figures.
Prices are under pressure this week after weekly crop progress
reports out Monday showed very good planting progress in the U.S.
There is just not much bullish fundamental news in the corn market
right now. It would not surprise me to see the commodity funds make
another significant downside assault on the corn and bean markets in
the near term. Next support is now seen at $2.00. Next resistance is
seen at the $2.07 1/2.

July soybeans closed 1 1/2 cents lower at $4.39 today. Prices are
consolidating the recent gains, but bulls by no means have any
significant momentum. Still, it does look like a minor bull flag
could be forming on the daily bar chart. Fundamentally, there is not
much in the way of good news for bulls right now. Thursday's
morning's USDA supply and demand report is expected to paint a
picture that is not bullish for beans. I would not be surprised to
see the commodity funds make another downside push in beans in the
near term. This market is still in technical trouble and it's going
to take a significant weather scare this spring or summer to force
prices solidly higher. First resistance is seen at the $4.45 area and
then $4.50. First support is seen at $4.35 and then at $4.30. Several
weeks ago, I purchased a July soybean call option with a strike price
of $4.80, for a price of 8 1/4 cents ($412.50). That option last
traded at 4 1/2 cents.

July soybean meal closed up $0.60 at $153.60 today. Prices this week
are showing consolidation after they pushed to a fresh eight-week
high last Friday. Recent price action is encouraging to the bulls and
is a sign the lows are in place in the meal market. Let's see what
tomorrow morning's export sales report shows. Next resistance comes
in at the $158.50 area. First support is seen at $154.00.

July bean oil closed 26 points lower at 14.83 cents today. After
prices saw a decent corrective bounce Tuesday, they sold right back
off today. This increase in volatility is consistent with a bottom
process in a market. Oil is technically much weaker than beans or
meal right now. But I would be surprised if there is much downside
left in oil. Next resistance comes in at 15.00 cents. Next support is
seen at the contract low of 14.76 cents.

July Chicago wheat closed 1 cent lower at $2.65 3/4 today. Prices
today touched the contract low of $2.65 that was scored yesterday.
"Rain in the Plains Makes Grain." That's a bearish refrain. With the
wheat crop behind schedule anyway, the recent rains could allow the
crop to make some good improvement. Bears are in full command.
Serious technical damage has occurred the past few sessions. First
support lies at the contract low of $2.65. Next resistance is seen at
$2.70. This market is short-term oversold and I suspect we'll see a
corrective bounce soon.

K.C. July HRW wheat closed off 1 cent at $3.22 1/4 today. Again,
rainfall in the Plains states has weighed on the market for several
sessions. A V-Top reversal is playing out on the daily bar chart.
Serious chart damage has been inflicted the past few sessions. For
bulls to get back in the ballgame, they need to push prices north and
fill the downside gap on the daily bar chart (created last week) by
pushing prices to the $3.34 area. That's a tall order right now. Next
resistance is seen at the $3.28 area. Next support is seen at $3.20.
This market is also short-term overdone on the downside.

SOFTS: July N.Y. sugar closed 10 points lower at 9.00 cents today. We
still could see a bull flag starting to form in sugar, on the daily
bar chart. This many times occurs as prices consolidate steep gains.
A three-month high was scored in July sugar late last week. The bulls
have good momentum and a steep and accelerating five-week-old uptrend
line is still in place on the daily bar chart. Next resistance now
comes in at 9.25 cents. First support is now seen at 8.80 cents.

July N.Y. coffee closed 100 points (1 cent) lower at 67.90 cents
today. Prices closed near the session low. Still, prices today
matched the two-month high set Tuesday, before backing off a bit. The
bulls continue to gain momentum. This recent move is the most
significant showing by the bulls since mid-January. The fact that
prices have not sold off sharply the past few sessions is encouraging
for the bulls, too--given recent price history. Still, the bears
could be setting a trap, like they did in early January. If bulls can
push prices above 70 cents and then see follow-through strength,
bears will begin to think this uptrend is sustainable. First
resistance comes in at 70 cents. First support is seen 65.00 cents.

July N.Y. cocoa closed $23 lower today, at $1,021. Prices pushed to a
fresh six-week high today, before selling off by the close and
closing near the session low. Tuesday's strong gap-higher trade on
the daily bar chart did put the bulls back on a level playing field
with the bears. Prices pushed above and negated a 2.5-month-old
downtrend line on the daily bar chart. Next resistance comes in at
$1,050--today's high. First support is now seen at $1,000.

July cotton closed 1 point lower at 45.43 cents today. Traders took a
"rest day" today after Tuesday's solid losses, and ahead of
Thursday's export sales and the monthly USDA supply and demand
report. Cotton is in a strong bear market, and a new contract low was
scored again today, at 45.36 cents. Right now, any rebounds are
likely to be just selling opportunities for the bears. But, my bias
is still that we are not that far from a bottoming process. Next
support lies at 45.00 cents. First resistance is seen around 48.00
cents. Would-be bottom-pickers should beware. Bulls need to watch for
some "basing" action, which may be beginning.

July orange juice futures closed 175 points higher today, at 78.70
cents. Prices closed near the session high today and filled an
important downside gap area on the daily bar chart. That's an
important first step for the bulls in turning this market around.
Next resistance is seen at 79.00 cents. Next support comes in at
77.15 cents--today's low.

July lumber futures closed $6.90 lower at $301.50 today. Today's sell
off is not unhealthy for the bulls. It was overdue. Prices just
Monday hit yet a new for-the-move high, at $313.20. Today's price
action is just some healthy consolidation in a bull market. Expect
more volatility, however, as is typical for this market. The next
upside objective for the bulls is the $315.00 area. First support is
seen at the $300.00 area. This market is still a bit short-term
overbought, technically, and I would not be surprised to more of a
downside correction in the near term.

METALS: June COMEX gold closed up $4.90 today, at $270.40. Prices
scored a big "outside day" up on the daily bar chart today, and in
the process pushed prices to a two-month high. Heavy fund short
covering was featured in the trading pit. This market is in a nice
uptrend since scoring its early-April low. Today's type of gain is
just what bulls needed to gain confidence to trek farther north on
the chart. Next resistance is located at $273. First support is seen
at $265.00--today's low.

July silver closed up $0.08 today, at $4.415 an ounce. Prices popped
on short covering and the rally in gold. Silver prices are still not
that far above the contract low. Prices are chopping at lower levels,
and this suggests a "basing" action that many markets need to change
the trend from down, to sideways, to eventually up. Next support is
seen at $4.33--today's low. First resistance is seen at $4.45. Bears
still have the advantage.

July N.Y. copper closed 50 points lower today, at 76.35 cents. More
stock market weakness helped drive this market lower again today.
Prices may still be attempting to build a base and recover from the
early-April low. My bias is still that the downside is limited for
copper. But the stock market and the U.S. economy will have to be
healthy before the bulls can really get something going in copper.
Next resistance is seen at 77.00 cents. Next support is seen at 75.00
cents.

ENERGIES: July crude closed $0.53 higher at $28.90 today. Prices
scored a mildly bullish "outside day" up on the daily bar chart, but
bulls and bears are still at a stand-off. Expect more choppy trading.
Next support is seen at 28.00. Next resistance lies at $29.50.

July heating oil closed 149 points higher today, at .7700. Prices
closed near the session high and bulls still have the slight edge.
But look for more choppy trading in the near future. Next support is
seen at 73.00 cents. Next resistance is seen at 77.50 cents and then
79.00 cents.

July unleaded gasoline closed 172 points higher at 1.0070 today.
Prices closed near the session high and scored a bullish "outside
day" up on the daily bar chart. Prices scored a new contract high
just Monday, but backed off sharply before the close and then saw
follow-through selling Tuesday. That confirmed a key reversal. But
given the recent volatility in unleaded, I am not placing a lot of
emphasis on that key reversal. Bulls are still in command as peak
driving season nears. Top-pickers beware! Next resistance is seen at
$1.03. First support is seen at $.9780--today's low.

July natural gas closed 8.3 cents lower at $4.27 today. Prices hit a
fresh five-and-one-half-month today. Next support is seen at $4.20
and first resistance is now at $4.50. This market is still short-term
oversold, technically.

FINANCIALS, CURRENCIES: The June Euro currency closed 10 points
higher at .8842 today. Bears have the edge as bulls have lost all the
momentum they had gained in mid-April. Prices hit a fresh three-week
low today. My bias is still that there is not much downside left in
the Euro. Look for more choppy action in the near term. Bulls will
again gain good momentum if they can push prices above the .9075
area. Next support is now seen at .8800. Next resistance is seen at
.9000.

The June Japanese yen closed 55 points lower at .8218 today. Bears
are still in control. Bulls are hoping for some "basing" activity at
lower levels, and that may be occurring, although it's too early to
tell. Next support now lies at the .8100 level. First resistance is
seen at the .8326 level.

The June Swiss franc closed unchanged today, at .5745. Bears are in
command. Still, my bias is that prices won't deteriorate much more.
Next support is seen at the .5700 level. First resistance comes in at
the .5830 level.

The June Australian dollar futures closed 87 points higher at .5234
today. Prices pushed to a fresh two-month high late last week and are
consolidating a bit this week. The bulls still have the advantage as
a five-week-old uptrend line is in place on the daily bar chart. My
bias is that the lows are in place. First resistance is now seen at
.5250. First support is now seen at .5100.

The June Canadian dollar closed 30 points higher today, at .6498.
Prices rebounded today after Monday's key reversal down on the daily
bar chart. Bulls lost some the past two sessions, but will gain it
right back if prices can push back north soon. Monday's key reversal
does not indicate prices are headed back toward the lows seen a few
weeks ago. What it does suggest is a downside correction to the
recent gains may occur over the near term. This currency had been
near recent historic lows and I do not think there is much more
downside. Next resistance is seen at the .6548 level. First support
is seen at the .6450 level.

The June British pound closed 48 points lower at 1.4200. Trading
continues choppy at lower levels. This currency was not that far
above recent historic lows and I do not think there is much more
downside in the sterling. One could argue that price action the past
few weeks has been a "basing" before prices eventually turn north. A
move above the 1.4500 level would be considered a bullish "upside
breakout" from the recent congestion area. A move below 1.4100 would
be considered a bearish downside breakout. Next support is now seen
at the 1.4160 level--today's low. Next resistance comes in at the
1.4300 level.

The June U.S. dollar index closed 2 points lower at 116.22 today.
Bulls have the momentum in the near term. The recent double-top
reversal on the daily bar chart still favors the bears longer-term.
Next resistance lies at the 116.50 level. First support is seen at
the 114.50 area. My bias is still that a near-term top is in place in
the dollar index.

June U.S. T-bonds closed 18/32 higher today at 102 5/32. Bulls need
to show some more resolve, after pushing prices well off the lows
scored in late April. A steep six-week-old downtrend line was
penetrated on the upside last week and negated. Also, a minor
double-bottom reversal has occurred on the daily bar chart. My bias
is that odds favor a strong upside move, as opposed to a strong
downside move. Next resistance is seen at 103 9/32. First support is
seen at 101 11/32 level--today's low.

The June U.S. T-note closed up 13.0 (32nds) today at 105.06.0. Bears
still have the slight edge. First support is seen at the 104.16.0
level. First resistance is seen at 105.20.0.

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T O P   N E W S
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STOCKS

Japan Stocks Review: Nikkei down 1.4% on profit taking
   http://news.ino.com/summary/?id=25276
US Equities Review: Lower; Cisco offers little guidance
   http://news.ino.com/summary/?id=25283
UK Stocks Review: Late gains push FTSE into positive territory
   http://news.ino.com/summary/?id=25282

FOREX

US FX Review: Yen falls on concerns tied to new govt
   http://news.ino.com/summary/?id=25278
Asia FX Review: Yen weakens on fall in Japan stocks
   http://news.ino.com/summary/?id=25275
Europe FX Review: Euro/dlr undermined by German output slump
   http://news.ino.com/summary/?id=25277

CREDIT

US Credit Review: Solid gain as hedges lifted on WorldCom debt
   http://news.ino.com/summary/?id=25273
Europe Credit Review: European bond prices rise, waiting for ECB
   http://news.ino.com/summary/?id=25279
Japan Credit Review: June up on firm cash, fair 5-year tender
   http://news.ino.com/summary/?id=25281

COMMODITIES

US Futures Summary: Refinery snags boost oil, gasoline; gold up
   http://news.ino.com/summary/?id=25280

EXCHANGES

Listing Delay For May 2003 Cotton Contracts
   http://news.ino.com/press/?release=23565
Cynthia Hallenbeck Named CFO Of Refco Global Futures
   http://news.ino.com/press/?release=23564
Pacific Exchange To Trade Options on Reliant Resources, Inc.
   http://news.ino.com/press/?release=23563
Deutsche Borse Reports 9.5% Rise In April ETF Volume
   http://news.ino.com/press/?release=23562

____________________________________________________________________________

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

HUM1   New York Harbor Unleaded Gasoline Jun 20    1.0767    0.0326  +3.12
CLM1   Light Sweet Crude Oil Jun 2001              28.23      0.77  +2.81
HOQ1   Heating Oil Aug 2001                       0.7745    0.0182  +2.39
OJN1   Orange Juice Froz. Conc. #1 Jul 2001        78.70      1.80  +2.34
YAM1   Australian Dollar/Japanese Yen Jun 2001     63.64      1.37  +2.20
SIU1   Silver Sep 2001                             4.451     0.092  +2.10
BDK1   Oriented Strand Board May 2001             211.00      4.00  +1.90
XKZ1   Gold Dec 2001                               273.4       5.1  +1.90
KIM1   Kilo Gold Jun 2001                            270         5  +1.89
AGM1   Silver 1,000 oz. Jun 2001                   4.410     0.080  +1.85

LOSERS

CCK2   Cocoa May 2002                               1048       -42  -3.89
NDU1   NASDAQ 100 Index Sep 2001                 1959.00    -70.00  -3.57
LBK1   Random Length Lumber May 2001              306.20     -8.50  -2.70
NGQ2   Henry Hub Natural Gas Aug 2002              4.242    -0.110  -2.53
NKU1   Nikkei 225 Stock Avg Sep 2001               14105      -340  -2.36
XHQ1   Lean Hogs Aug 2001                          61.75     -1.45  -2.31
PBN1   Frozen Pork Bellies Jul 2001               79.000    -1.650  -2.05
LHQ1   Lean Hogs Aug 2001                         61.700    -1.150  -1.83
LCM1   Live Cattle Jun 2001                       70.000    -1.275  -1.79
BON1   Soybean Oil Jul 2001                        14.83     -0.26  -1.72
____________________________________________________________________________

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

HLIT   HARMONIC INC                                 8.14      2.18  +37.01
XMSR   XM SATELLITE RADIO'A'                       11.40      3.07  +36.85
GGNS   GENUS INC                                    5.49      1.07  +24.43
GENI   GENESISINTERMEDIA.COM INC                   14.86      2.77  +23.08
SPIR   SPIRE CORP                                   7.97      1.45  +22.66
IEE    INTEGRATED ELECTRICAL SVCS                   7.21      1.16  +19.53
TRPH   TRIPATH TECHNOLOGY                           8.71      1.38  +19.38
CMLS   CUMULUS MEDIA 'A'                           12.65      1.95  +18.48
LMIA   LMI AEROSPACE                                5.05      0.78  +17.53
MM     MUTUAL RISK MANAGEMENT                       9.70      1.35  +16.67

LOSERS

WITS   WITNESS SYSTEMS                              9.10     -2.90  -24.17
KT     KATY INDUS                                   5.70     -1.65  -22.45
ISRG   INTUITIVE SURGICAL                           5.15     -1.20  -19.35
MAXC   MAXCO INC                                    7.50     -1.43  -19.07
MOGN   MGI PHARMA, INC                              8.57     -1.48  -14.79
GTSI   GTSI CORP                                    6.20     -1.01  -14.31
CMGI   CMGI INC                                     5.13     -0.82  -13.78
EDEL   EDELBROCK CORP                               9.00     -1.49  -13.26
ACME   ACME COMMUNICATIONS                          7.55     -1.12  -12.83
CNXT   CONEXANT SYSTEMS                             9.87     -1.37  -12.23

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