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
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Tuesday: The CRB Index is higher 0.50 points to 193.00. The
US Dollar Index moved up 0.73 points to 117.37.

The Dow Industrials trended higher 32.73 points, at 9924.15, while
the S&P 500 rose 7.78 points, last seen at 1146.19. The
Nasdaq Composite moved higher by 10.17 points to 2000.91.
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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 http://quotes.ino.com/exchanges/?c=indexes

Stock indexes closed higher on Tuesday due to short covering as they
consolidated some of their recent losses. However, short-term
momentum indicators have turned bearish indicating that sideways to
lower prices are possible during the last half of January. The NASDAQ
closed up 10.17 points at 2000.91. The March S&P 500 index also
closed higher on Tuesday posting a potential key reversal up.
Additional strength on Wednesday is needed to confirm today's bullish
reversal pattern. Until then, the door remains open for sideways to
lower prices into the later part of January.

The Dow closed higher on Tuesday as light bargain hunting buying
surfaced. Additional support came from an optimistic outlook for
corporate profits due to upbeat financial statements from key names
in the financial sector. However, the short covering rally waned late
in the day allowing the Dow to close mid-range. This leaves the door
open for sideways trading on Wednesday. However, the door remains
open for a possible test of the late fall low crossing at 9691.30
later this month.

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

March T-bonds posted a key reversal up on Tuesday following Monday's
setback, which tested broken resistance marked by the 38% retracement
level of last fall's decline crossing at 103-06. Today's reversal up
sets the stage for additional strength possibly into the end of the
week with the 50% retracement level crossing at 104-25 being the next
upside target. Stochastics and the RSI are bullish but have become
overbought hinting that upside potential appears limited near-term.

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

The CRB index closed higher on Tuesday due to a rebound in some
energy markets, fiber, cattle and corn. Early weakness led to a spike
below the December-January uptrend line crossing near 192.50. If this
support gives way, last fall's uptrend line crossing near 190.90 is
the next likely downside target. Stochastics and the RSI have turned
bearish signaling that sideways to lower prices are possible during
the last half of January.

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

The energy markets closed slightly higher on Tuesday due to light
short covering as they consolidated some of Monday's losses ahead of
this afternoon's API inventory reports. Traders are expecting that
today's reports will show significant drawdowns in distillate stocks
as they correct last week's surprise build of almost 6 million
barrels. Gains were limited due to expectations for modest builds in
crude oil and unleaded gasoline supplies.

February crude oil posted a relatively quiet inside day with a
slightly higher close but remained below the November- December
uptrend line, which was broken on Monday. If the decline continues,
December's low crossing at 18.20 is February's next likely target.
Stochastics and the RSI are bearish signaling that additional
weakness is possible near- term.

February heating oil posted an inside day with a slightly higher
close on Tuesday as it consolidates above the contract low crossing
at 50.70. Closes below this support level would negate a possible
triple bottom while opening the door for a test of weekly support
crossing at 49.30 later this month. A bearish API inventory report is
needed to provide the catalyst for additional weakness. Should the
report prove friendly, it could trigger a short covering rebound
thereby increasing the odds that a low was posted on Monday.

February unleaded gas closed higher on Tuesday due to light short
covering as it rebounded off the Nov.-Dec. uptrend line. While
another day or two of consolidation is possible, stochastics and the
RSI remain bearish signaling that additional weakness is possible
into the last half of January. Closes below the aforementioned
uptrend line would open the door for a test of December's low
crossing at 51.50 later this month.

February Henry Hub natural gas closed modestly higher on Tuesday but
remains locked in last week's trading range. Closes above 2.35 are
needed to temper the near-term bearish outlook in the market. I would
not be surprised to see further consolidation above weekly support
crossing at 2.17 until after this week's AGA inventory report is
released on Wednesday. Short-term momentum indicators are oversold
hinting that a low might be in or is near.

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

The March Dollar closed sharply higher on Tuesday signaling that the
setback off last week's high appears to be coming to an end. Closes
above last week's high crossing at 117.80 are needed to confirm this.
March continues to hold above minor trendline support drawn across
the December-January lows. Today's rebound turned stochastics and the
RSI neutral to bullish hinting that a minor low is in or near. From a
broader perspective, the March Dollar needs to close above 118.85 or
below 115.11 to clear up near-term direction in the market.

The March Swiss Franc closed sharply lower on Tuesday thereby
tempering the idea that it might be forming an inverted head and
shoulders bottom. Closes below the fall low of .5973 would be very
bearish as the door would be open for a test of December's low .5797
later this month. Today's decline turned stochastics and the RSI
neutral to bearish increasing the odds that a larger-degree decline
might be unfolding during the last half of January.

The March Canadian Dollar closed sharply higher on Tuesday and above
the December 31st reaction high crossing at .6290 signaling that a
bottom has likely been posted. Momentum indicators have turned
bullish signaling that sideways to higher prices are possible during
the last half of January. Additional closes above .6290 are needed to
confirm today's breakout, which would open the door for a possible
test of last year's downtrend line, which crosses near .6379 later
this winter.

The March Japanese Yen closed higher on Tuesday and above this fall's
downtrend line. Closes above this resistance level and last Monday's
high crossing at .7696 are needed to confirm today's trendline
breakout. Stochastics and the RSI are oversold and have turned
bullish signaling that sideways to higher prices are possible during
the last half of January.

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

February gold extended its loss off last week's high as
long-liquidation continued on Tuesday. A short covering bounce ahead
of the close tempered some of today's loss leaving February to close
near mid-range. Tuesday's decline turned a number of short-term
momentum indicators including stochastics and the RSI neutral to
bearish from overbought levels thereby increasing the odds that the
rally off December's low might be coming to an end.

March silver closed higher on Tuesday due to light short covering.
Overnight lows spiked below the 38% retracement level of November's
rally before a short covering rebound during the day session led to a
modest rally. While another day or two of consolidation around
December's uptrend line is possible, momentum indicators have turned
bearish thereby increasing the odds that last week's high marked a
double top with the fall highs.

March copper closed lower on Tuesday however, losses were limited
following the release of today's economic data, which hints that
industrial demand might finally be shaping up to improve. As long as
March holds above broken resistance crossing at 69.50 the door will
remain open for a possible run at November's high crossing at 73.70
later this winter. Today's setback turned stochastics neutral warning
traders that additional strength will be needed soon to keep bulls in
control of the market.

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

March corn gapped lower on the open due to spillover selling from
Monday's poor close. However, the unwinding of the wheat/corn spread
late in the day triggered a short-covering rally in the market.
Additional support came from news that Brazil's Agriculture Ministry
officials were meeting to discuss the impact of a
smaller-than-expected corn crop due to hot-dry conditions in Southern
Brazil. Technically, today's high spiked above the July-January
downtrend line, which crosses near 2.13 1/2 before a sell off ahead
of the close tempered some of today's gain. Closes above last year's
downtrend line and Monday's high at 2.15 1/4 are needed to confirm
that a major bottom and trend change has taken place.

March wheat closed lower on Tuesday and is challenging the
December-January uptrend line crossing near 3.01. Today's close below
broken weekly resistance crossing at 3.04 has increased the odds that
a short-term top has been posted. Closes below the aforementioned
uptrend line are needed to confirm a top. Stochastics and the RSI are
overbought and turning bearish with today's decline providing
additional evidence that a setback during the last half of January is
possible.

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

March soybeans closed fractionally lower on Tuesday as it
consolidated some of its recent gains. Session lows filled Monday's
gap at 4.44 1/2. Losses were limited due to talk of possible yield
losses in Southern Brazil if the current weather pattern persist
during the last half of January. At the same time, gains were limited
due to uncertainty over near-term Chinese demand. Closes above
Monday's high would likely lead to a test of November's high crossing
at 4.57 1/2 before a round of profit taking unfolds. Stochastics and
the RSI are bullish signaling that sideways to higher prices are
possible for the balance of the week.

March soybean meal closed slightly lower on Tuesday due to light
profit taking as it consolidated below the 50% retracement level of
the July/January decline, which crosses at 159. The mid-range close
leaves the door open for additional consolidation below this key
resistance level on Wednesday. If this resistance level is cleared,
the 62% retracement level crossing at 163 is March's next likely
target. Momentum indicators are bullish signaling that additional
gains are possible during the last half of January.

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

April hogs posted a new contract high on Tuesday and closed above
weekly resistance crossing at 61.13. Expectations for higher cash
bids on Wednesday and improving product demand underpinned today's
rally. At the same time, futures are running at a stiff premium to
the cash bids, which might make follow-through buying difficult on
Wednesday. Technically, the daily ADX remains in a bullish mode while
stochastics and the RSI are overbought and diverging, which is often
a precursor to a top and trend change. Trendline support begins near
60.20.

April cattle closed higher on Tuesday and above the upper boundary of
this winter's trading range crossing at 74.40. Growing expectations
for higher cash bids this week along with improving boxed beef prices
continues to underpin futures prices. Technically, April futures
broke out above the 62% retracement level of last summer's decline
crossing at 74.34 thereby renewing its rally off November's low. If
the rally continues, October's highs crossing at 75.45 are April's
next target.

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

March coffee closed lower on Tuesday amidst choppy trading. Early
strength was tied to light fund buying. However, prices stalled out
near last week's high of 51.50, which triggered a round of profit
taking ahead of the close. Expectations for increased Central America
producer selling continues to limit near-term upside potential in the
market. Momentum indicators are bullish but nearing there respective
overbought zones hinting that time might be running out for bulls.
Prospects for a bumper Brazilian coffee crop also continue to hang
over the market.

March cocoa closed higher on Tuesday due to light short covering.
Early weakness tested the late-December reaction low crossing at
1260. March's inability to push below this minor support level
triggered a short covering bounce into the close. I would not be
surprised to see follow-through short covering on Wednesday as March
might try to test Monday's gap. However, this week's breakout below
the November-January uptrend line along with a downturn by momentum
indicators strongly suggests that a major top has been posted.

March sugar closed sharply higher on Tuesday due to short covering
and filled Monday's gap at 774. However, session highs fell short of
testing the December-January broken uptrend line thereby leaving the
door open for a possible resumption of its decline later this week.
Short-term momentum indicators have turned bearish indicating that
sideways to lower prices are possible during the last half of
January.

March cotton posted a key reversal up on Tuesday due to local short
covering triggered by overseas speculator buying. Additional short
covering is possible on Wednesday with today's high-range close, as
the market will try to search for protective stops above last week's
high of 38.50. March cotton remains range bound and needs to close
above 39.80 or below 34.90 to confirm a breakout of this winter's
trading range. Until then look for back and fill type trading to
continue.

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I N O   N E W S
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American Stock Exchange ETF Symposium Attracts Attention
   http://news.ino.com/press/?release=27710
Mikey's Methods Promoter Charged With Commodity Fraud
   http://news.ino.com/press/?release=27709
Chairman Newsome To Head CFTC's Ag Advisory Committee
   http://news.ino.com/press/?release=27708
Daily Volume Record For Crude Oil Options
   http://news.ino.com/press/?release=27707

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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

PNJ2   Propane Apr 2002                           0.2840    0.0090  +3.27
LBH2   Random Length Lumber Mar 2002              256.30      7.30  +2.93
SBH2   Sugar #11 World Mar 2002                     7.83      0.21  +2.76
NGG2   Henry Hub Natural Gas Feb 2002              2.291     0.060  +2.67
XHG2   Lean Hogs Feb 2002                          56.22      1.15  +2.08
DAG2   BFP Milk Feb 2002                           11.97      0.24  +2.05
CTH2   Cotton Mar 2002                             37.34      0.75  +2.05
PBN2   Frozen Pork Bellies Jul 2002               77.250     1.450  +1.91
HOU2   Heating Oil Sep 2002                       0.5558    0.0105  +1.88
LHG2   Lean Hogs Feb 2002                         56.200     0.950  +1.72

LOSERS

AGJ2   Silver 1,000 oz. Apr 2002                   4.250    -0.266  -5.89
PAH2   Palladium Mar 2002                         414.00    -15.90  -3.70
CCZ2   Cocoa Dec 2002                               1204       -18  -1.50
XWH2   Wheat Mar 2002                                302    -4 1/4  -1.39
WK2    Wheat May 2002                            301 1/4        -4  -1.31
EJH2   Euro/Japanese Yen Mar 2002                 115.45     -1.53  -1.30
BOZ2   Soybean Oil Dec 2002                        16.55     -0.20  -1.19
OJH2   Orange Juice Froz. Conc. #1 Mar 2002        88.75     -1.05  -1.17
ECH2   EuroFX Mar 2002                           0.88160  -0.01010  -1.13
XPH2   British Pound Mar 2002                     1.4344   -0.0140  -0.97

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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

CNGR   CROWN GROUP                                7.4500    1.6400  +28.03
CECX   CASTLE ENERGY CORP                         6.5250    1.3500  +25.96
INGN   INTROGEN THERAPEUTICS                      5.2500    0.9100  +21.06
RCII   RENT-A-CENTER                             37.4580    6.4400  +20.78
XMSR   XM SATELLITE RADIO'A'                     16.4800    2.7800  +20.59
RNT.A  AARON RENTS CL'A'                           12.65      2.15  +20.48
OMN    OMNOVA SOLUTIONS INC                         7.00      1.13  +19.42
VGIN   VISIBLE GENETICS                           9.5600    1.5004  +17.97
WSB    WASHINGTON SAVINGS BANK                      6.39      0.95  +17.92
GBR    GREENBRIAR CORP                             21.50      3.00  +16.67

LOSERS

FWC-A  FOST WHEELER PFD CAP TR I 9%                 6.95     -8.18  -55.35
MFUN   MORGAN FUNSHARES                           6.2500   -1.2500  -16.67
MHUT   MEDI-HUT CO INC                            9.5000   -1.9000  -16.67
HDL    HANDLEMAN CO                                11.44     -1.87  -14.05
KFRC   KFORCE INC                                 5.5000   -0.7900  -13.06
CHKP   CHECK POINT SOFTWARE TECH                 38.6800   -5.7300  -12.90
PSAI   PEDIATRIC SERVICES OF AMERICA              8.5000   -1.2000  -12.85
ASW    A.C.L.N. LTD                                 5.75     -0.83  -12.61
KM-T   K MART FINANCING I 7.75% PFD                13.32     -1.93  -12.59
DG     DOLLAR GENERAL                              14.03     -2.02  -12.55
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