T U E S D A Y   E X T R E M E   M A R K E T S
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Tuesday: The CRB Index is down 0.02 points to 214.60. The
US Dollar Index climbed 0.69 points to 116.08.

The Dow Industrials fell 51.66 points, at 10883.51, while
the S&P 500 trended lower by 2.33 points, last seen at 1261.18. The
Nasdaq Composite climbed 25.20 points to 2198.77.

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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
_____________________________________________________________________

The stock market closed mixed today. June Nasdaq prices 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 firmer
today. Prices have 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 2 cents higher at 71.12. Prices
closed at the session low and managed to fill an upside gap on the
daily bar chart that was created in early trading. The market saw
another upside corrective bounce earlier today, after punching to a
fresh 6.5-month low last Friday. The bears are in control of the
market. Prices are still trading below an accelerating two-month-old
downtrend line on the daily bar chart. The market is still a bit
short-term oversold, and I would not be surprised to see more of an
upside correction this week. Next support, basis June, is seen at
$71.00. First resistance now comes in at the $72.00 level.

August feeder cattle closed up 3 cents today at $88.25. Prices closed
at the session low today. Range-bound trade continues. As this market
neared the bottom end of the recent trading range, which is around
$87.50, the market again took an upside bias. Look for more choppy
trading between $89 and $87.50. If prices can break out of that
aforementioned range, the direction of the breakout will likely be
the direction of the next significant trend. Next resistance is seen
at $88.70-- today's high. First support is seen at $88.00.

June lean hogs closed $0.15 higher today, at $67.50. Prices are still
showing consolidation at lower levels, after the sell off last week.
Hogs are still a bit overdone on the downside, on a short-term basis,
so some more corrective upside consolidation would not surprise me.
Still, 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--today's high.

GRAINS: July corn futures closed off 3 cents at $2.05 today. Crop
progress reports out Monday evening showing very good planting
progress in the U.S. weighed on the corn market today. There is just
not much bullish fundamental news in the corn market right now. The
weak wheat market is also weighing on corn. On Monday, respected Iowa
State University Climatologist Elwynn Taylor predicted record yields
for the Corn Belt this year. 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 level--today's high.

July soybeans closed 2 3/4 cents higher at $4.40 1/2 today. Prices
are consolidating the recent gains, but bulls still by no means have
any significant momentum. Fundamentally, there is not much in the way
of good news for bulls right now. 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.

July soybean meal closed off $1.10 at $155.70 today. Prices this week
are showing a corrective pullback after they pushed to a fresh
eight-week high last Friday. Recent price action is still encouraging
to the bulls and is a sign the lows are in place in the meal market.
Next resistance comes in at the $158.50 area. First support is seen
at $154.00.

July bean oil closed 22 points higher at 15.09 cents today. Prices
saw a corrective bounce today after dropping to a new contract low of
14.76 cents on Monday. This market is technically much weaker than
beans or meal, and is still a bit overdone on the downside, on a
short-term basis. I would be surprised if there is much downside left
in oil. Next resistance comes in at 15.25 cents. Next support is seen
at the contract low of 14.76 cents.

July Chicago wheat closed 2 1/2 cents lower at $2.66 3/4 today.
Prices poked to a new contract low of $2.65. More rain in the Plains
has cast a bearish pall over the market. With the wheat crop behind
schedule anyway, the recent rains could allow the crop to make some
good improvement. Bears are in full command. Just last week, prices
pushed to a fresh six-week high. 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.

SOFTS: July N.Y. sugar closed 18 points higher at 9.10 cents today.
We 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 15 points higher at 68.90 cents today. Prices
pushed to another fresh two-month high today as 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 three 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 $55 higher today, at $1,044. Today's strong
gap-higher trade on the daily bar chart put the bulls back on a level
playing field with the bears in a hurry. Prices pushed above and
negated a 2.5-month-old downtrend line on the daily bar chart. Next
resistance comes in at $1,050 and then $1,060. First support is now
seen at today's low of $1,001.

July cotton closed 99 points lower at 45.44 cents today. Cotton is in
a strong bear market, and a new contract low was scored just today,
at 45.40 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 45 points lower today, at 76.95
cents. Prices late last week probed into an important gap area on the
daily bar chart, which begins at 77.85 cents, but did not fill that
gap on the upside. Bears rule and the market is still technically
weak. However, if the aforementioned gap can be filled on the upside,
that's an important first step for the bulls in turning the market
around. That gap will be filled if prices move above 78.55 cents,
which is first resistance. Next support comes in at 76.00 cents.

July lumber futures closed $2.60 lower at $308.40 today. Prices just
Monday hit yet a new for-the-move high, at $313.20, as the bull
market roars on. 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 short-term overbought, technically, and I would not
be surprised to see a decent downside correction soon.

METALS: June COMEX gold closed down $1.00 today, at $265.50. Prices
late last week pushed to a new seven-week high. Despite recent choppy
trading, this market is still trending up from its early-April low.
But bulls need to see some solid upside movement soon to keep what
momentum they have recently gained. But the fact that prices have not
sold way off after the rally is encouraging to the bulls. Next
resistance is located at $268. First support is seen at $264.00.

July silver closed up $0.008 today, at $4.335 an ounce. Prices are
not that far above the contract low. Still, prices are chopping at
lower levels. 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 $4.30. First resistance is seen at $4.41. Bears
still have the advantage.

July N.Y. copper closed 1.80 cents lower today, at 76.85 cents. Stock
market weakness helped drive this market lower today. Prices are
still attempting to build a base and recover from the early-April
low. My bias is still that the downside is limited for copper. The
stock market and the U.S. economy will have to be healthy before the
bulls can really get something going in copper, however. Next
resistance is seen at 78.00 cents. Next support is seen at 76.00
cents.

ENERGIES: July crude closed $0.19 lower at $28.35 today. Bulls and
bears are at a stand-off and will duke it out over the near term.
Expect more choppy trading. Next support is seen at 28.00. Next
resistance lies at $29.50.

July heating oil closed 30 points higher today, at .7551. 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.

July unleaded gasoline closed 128 points lower at .9898 today. Prices
scored a new contract high just Monday, and saw follow-through
selling today. That confirms a key reversal in this market. But given
the recent volatility in unleaded, I am not placing a lot of emphasis
on this 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 $.9600.

July natural gas closed 3.6 cents higher at $4.35 today. Today was
just an upside correction in a steep downtrend. Prices hit a fresh
five-and-one-half-month low Monday. Next support is seen at $4.25 and
first resistance is now at $4.50. This market is still short-term
oversold, technically.

FINANCIALS, CURRENCIES: The June Euro currency closed 62 points lower
at .8828 today. Bears have the decided edge again as bulls have lost
all the momentum they had gained in mid-April. 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 5 points lower at .8279 today. Prices
pushed to a fresh six-week high last Friday, but 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 36 points lower today, at .5739. 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 37 points lower at .5150
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 14 points lower today, at .6464.
Prices sold off some more today after the key reversal down on the
daily bar chart that was scored Monday. Bulls had good momentum, but
have lost some the past two sessions. The key reversal does not
indicate prices are headed back toward the lows seen a few weeks ago.
What it does suggest is a decent downside correction to the recent
gains will 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 126 points lower at 1.4244. 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. Next support is now seen
at the 1.4200 level. Next resistance comes in at the 1.4400 level.

The June U.S. dollar index closed 75 points higher at 116.24 today.
Bulls are regaining momentum. 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 17/32 lower today at 101 21/32. Prices
scored a bearish "outside day" down on the daily bar chart today,
whereby the high was higher and the low was lower than the previous
session's trading range, with a lower close. Bulls need to show some
resolve soon, 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. Next resistance is seen at 103
9/32. First support is seen at 101 even.

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T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei down 1.7%, banks battered
   http://news.ino.com/summary/?id=25266
Add 1: US Equities Review: Mixed in quiet trade; Cisco boosts Nasdaq
   http://news.ino.com/summary/?id=25264
UK Stocks Review: FTSE-100 slightly higher in lackluster session
   http://news.ino.com/summary/?id=25272

FOREX

US FX Review: Dollar weathers poor domestic productivity data
   http://news.ino.com/summary/?id=25268
Asia FX Review: Yen weakens on fall in Japan stocks
   http://news.ino.com/summary/?id=25265
Europe FX Review: Poor data fails to undermine dollar
   http://news.ino.com/summary/?id=25267

CREDIT

US Credit Review: Bond down 24/32, underperforming 2-year
   http://news.ino.com/summary/?id=25263
Europe Credit Review: Curve unmoved; mkt awaits central banks
   http://news.ino.com/summary/?id=25269
Japan Credit Review: June up on firm 10-year cash bonds
   http://news.ino.com/summary/?id=25271

COMMODITIES

US Futures Summary: Cotton, copper, corn crumble; cocoa climbs
   http://news.ino.com/summary/?id=25270

EXCHANGES

PCX To Trade KPMG<BR> and Corrections to Lafarge and Catapult
   http://news.ino.com/press/?release=23560
Daily Price Limit Change For Value Line Futures
   http://news.ino.com/press/?release=23559

____________________________________________________________________________

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

BDK1   Oriented Strand Board May 2001             211.00     16.00  +8.21
CCN1   Cocoa Jul 2001                               1044        56  +5.66
XWK1   Wheat May 2001                            269 1/4     9 3/4  +3.76
RRK1   Rough Rice May 2001                         5.680     0.140  +2.53
PBK1   Frozen Pork Bellies May 2001               80.300     1.750  +2.23
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256    2 2/32  +2.03
NDM1   NASDAQ 100 Index Jun 2001                 1940.00     37.00  +1.94
SBN1   Sugar #11 World Jul 2001                     9.10      0.15  +1.68
BOK1   Soybean Oil May 2001                        14.84      0.24  +1.64
DBK1   Butter May 2001                           189.000     3.000  +1.61

LOSERS

NTM1   Nikkei 300 Jun 2001                         283.8      -7.7  -2.64
HGN1   Copper Jul 2001                            0.7685   -0.0180  -2.29
ON1    Oats Jul 2001                                 112    -2 1/2  -2.18
CTN1   Cotton Jul 2001                             45.44     -0.98  -2.11
LBX1   Random Length Lumber Nov 2001              289.00     -5.70  -1.95
HUM1   New York Harbor Unleaded Gasoline Jun 20    1.0444   -0.0201  -1.89
CLM1   Light Sweet Crude Oil Jun 2001              27.39     -0.47  -1.69
CU1    Corn Sep 2001                             212 3/4    -3 1/4  -1.50
PNU1   Propane Sep 2001                           0.5275   -0.0075  -1.42
PLV1   Platinum Oct 2001                           599.8        -8  -1.32
____________________________________________________________________________

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

CBTE   COMMONWEALTH BIOTECHNOLOGIES                 7.04      3.33  +86.49
HELE   HELEN OF TROY LTD                            8.65      2.16  +33.91
AVN    AVANIR PHARMACEUTICALS'A'                    5.40      1.22  +29.19
GNSS   GENESIS MICROCHIP                           18.99      3.70  +24.42
TREE   LENDINGTREE INC                              6.09      1.08  +22.04
NXTV   NEXT LEVEL COMMUNICATION                     8.65      1.43  +19.62
ISSX   INTERNET SECURITY SYSTEMS INC               59.87      8.81  +17.23
MTH    MERITAGE CORP                               52.05      7.64  +17.20
MM     MUTUAL RISK MANAGEMENT                       8.10      1.14  +16.38
CATZ   Computer Access Tech                         5.80      0.82  +16.24

LOSERS

INOD   INNODATA CORP                                6.57     -2.40  -26.73
AMCV   AMER CLASSIC VOYAGES                         6.95     -2.48  -26.72
TRK    SPEEDWAY MOTORSPORTS                        22.80     -5.67  -19.97
AMCVP  AMCV CAP TR I                               19.00     -4.50  -19.57
CKCM   CLICK COMMERCE                              14.47     -3.37  -19.40
MAXC   MAXCO INC                                    7.50     -1.43  -19.07
NEOL   NEOPHARM INC                                22.26     -4.03  -15.68
CANI   CARREKER CORP                               17.96     -3.27  -15.41
VITL   VITAL SIGNS                                 35.05     -6.12  -14.85
MCHM   MACROCHEM CORP                               8.01     -1.25  -13.41

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