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Thursday: The CRB Index is lower 1.15 points to 184.18. The 
US Dollar Index edged higher by 0.08 points to 114.35.

The Dow Industrials trended lower by 69.75 points, at 9163.22, while 
the S&P 500 edged lower 8.48 points, last seen at 1068.61. The 
Nasdaq Composite edged higher by 6.38 points to 1652.72.
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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 $0.20 at $66.95

today. Prices closed near the session low on reported commercial
selling, after briefly probing above $68.00 early in the session.
Poor boxed beef movement today offset ideas that cash cattle prices
might trade steady to firmer this week. There were early reports from
Nebraska that quoted dressed beef prices 50 cents higher than last
week. 

December lean hogs closed up $0.10 today at $50.47. A firmer cash hog
market today limited selling interest, as did lighter hog marketings
the past couple days. Still, the bulls are on the ropes in this
market. 

GRAINS: December corn futures closed 2 3/4 cents lower at $2.05
today. Prices closed at the session low. Weekly export sales came in
about as expected and the market continues to feel pressure from
harvest and uninspired demand. There was no follow-through buying
interest today, so a bullish key reversal was not confirmed. 

November soybeans closed 3 1/4 cents lower at $4.30 3/4 today.
Despite very solid weekly export sales figures for soybeans, meal and
oil, reported early this morning, the markets could not rally on that
news. This is an ominous sign for the bulls for at least the near
term. There was no follow-through buying today, so a bullish key
reversal up was not confirmed. 

December Chicago SRW wheat closed off 1 3/4 cents at $2.83 today.
Prices pushed to a fresh seven-week high today, but could not hold
gains and closed near the session low. Still, bulls should not be too
displeased by today's price action. The recent rally in Dec. wheat
raises the possibility of a double-bottom reversal pattern developing
on the daily bar chart. This morning's weekly export sales figures
came in about as expected and were not market-moving. First
resistance is now seen at $2.88. First support lies at the $2.80
area.

SOFTS: March N.Y. sugar closed 7 points lower at 6.56 cents today.
Prices took a "rest day" today after pushing to a fresh two-week high
Wednesday. The bulls have seen a nice mini run since the lows scored
a little over a week ago. But overall, bears still have a technical
edge. 

December N.Y. coffee closed 85 points higher at 45.60 cents today.
Prices pushed to a high of 47.50 before backing off and closing near
the session low. This week's activity in coffee is a bit encouraging
to the bulls. However, it's too early to make anything significant
out of it. Any increase in volatility at these low price levels will
favor the bullish camp. 

December N.Y. cocoa closed $8 lower today, at $1,058. Prices took a
"rest day" today after scoring a bullish key reversal up this week.
Bulls are gaining momentum. If they can push prices back above the
$1,086 level and fill the downside gap created on the daily bar chart
a couple weeks ago, then bulls will be right back in the ball game. 

December cotton closed 35 points lower at 31.18 cents in quiet
trading again today. Solid USDA weekly export sales for cotton failed
to lift the market. But I do look for some more short covering in the
coming sessions, but make no mistake: bears are in command. 

November orange juice on Wednesday afternoon closed at 85.85. That's
off 25 points from the Tuesday evening close. Prices are due for some
corrective consolidation after the recent big gains. Bulls have the
edge. Last week's USDA Florida orange figure was termed bullish. 

METALS: December COMEX gold futures closed off $4.20 today at $279.80
an ounce. More technical damage was done today as prices fell below
the $280 level. Bears are poised to push prices on down to the $275
area in the near term.

December silver futures closed $0.107 lower at $4.263 an ounce today.
Prices hit a fresh five-week low today as prices fell down into the
upside gap area on the daily bar chart that was created in early
September. 

December N.Y. copper closed 70 points lower at 63.20 cents. Prices
today dropped to a fresh contract low of 63.00 cents. Bulls' hopes of
some "basing" activity the past couple weeks have been dashed. Prices
need to push above 66 cents and see a couple closes above that level
before the bulls get much confidence. Next support is seen at 63.00
cents--the contract low. 

ENERGIES: December crude closed off $0.50 at $21.60 today. Prices
dropped to another fresh four-week low today. A big bear flag
continues to form on the daily chart. If there is a downside breakout
from this big bear flag, which may be occurring right now, the
measuring implications point to possible losses to well below $20.00
per barrel. 

December heating oil closed off 128 points, at .6162 today. Prices
today matched the September low and are poised for more losses. It
looks like a big bear flag is forming on the daily bar chart, and
this week may have been the downside breakout from that pattern. 

December unleaded gasoline closed 126 points lower at .5737 today.
Prices scored another fresh yearly low today. It looks like prices
have broken out on the downside of a bearish pennant pattern on the
daily bar chart this week. 

December natural gas closed $0.117 higher at $2.82 today. The nat gas
market is acting well, given the liquid energies continue to
deteriorate. Prices pushed to a fresh five-week high Wednesday. Bulls
have gained a bit of momentum, but bears have the overall advantage. 

STOCKS, FINANCIALS, CURRENCIES: The December Euro currency closed 13
points higher today at .9023. Bears have gained confidence recently.
Prices are presently trading below a

five-week-old downtrend line drawn off the September and October
highs. 

The December Japanese yen closed up 7points at .8285 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. Next support is seen at 8236 level and then the
.8200 level. First resistance is seen at the .8350 area. 

The December Swiss franc closed 17 points higher at .6118 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 stage is set for bulls and bears to do
battle this week. 

The December Canadian dollar closed 35 points lower at .6328 today.
Significant technical damage occurred in this currency today, as
prices dropped sharply and are right back down close to the April and
September lows. 

The December British pound closed 14 points lower at 1.4410. It was
another quiet day today. The recent collapse in volatility makes me
suspect a bigger price move is on the horizon. Bears have the slight
edge. Technical damage has been inflicted recently. 

The September U.S. dollar index closed 4 points lower at 114.74
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 3/32 higher at 106 26/32. 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. However, very
strong resistance located just above the 107 even area stopped
another bull run in bonds recently. 

December S&P 500 futures closed slightly lower today. Today there was
follow-through selling and a bearish key reversal down was confirmed
on the daily bar chart. Friday's price action, heading into the
weekend, will be extra important for the index. The growing anthrax
scare has spooked traders this week. 

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I N O   N E W S   
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CFTC Adopts More Flexible Regulations For Intermediaries
   http://news.ino.com/press/?release=27081
SEC Announces System For Identifying Terrorist Transactions
   http://news.ino.com/press/?release=27080
NYBOT Announces New Margin Requirements For FINEX
   http://news.ino.com/press/?release=27079
Futures In Benzene And Mixed Xylenes Starting Oct. 19
   http://news.ino.com/press/?release=27078

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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

NGZ1   Henry Hub Natural Gas Dec 2001              2.800     0.117  +4.33
SCZ1   Brent Crude Oil Dec 2001                    20.55      0.56  +2.66
NDH2   NASDAQ 100 Index Mar 2002                 1350.50     35.00  +2.66
KCU2   Coffee 'C' Sep 2002                         52.00      1.30  +2.54
OZ2    Oats Dec 2002                                 135         3  +2.27
AFN3   Aluminum Jul 2003                          0.6560    0.0145  +2.18
LBX1   Random Length Lumber Nov 2001              223.20      4.60  +2.10
PBN2   Frozen Pork Bellies Jul 2002               72.150     1.150  +1.59
OJX1   Orange Juice Froz. Conc. #1 Nov 2001        86.95      1.10  +1.28
RRU2   Rough Rice Sep 2002                         5.060     0.060  +1.20

LOSERS

DAZ1   BFP Milk Dec 2001                           10.90     -0.55  -4.80
LBU2   Random Length Lumber Sep 2002              255.20     -9.80  -3.70
AGZ1   Silver 1,000 oz. Dec 2001                   4.206    -0.144  -3.31
PNX1   Propane Nov 2001                           0.3910   -0.0130  -3.22
SIK2   Silver May 2002                             4.307    -0.128  -2.90
DBZ1   Butter Dec 2001                           136.000    -4.000  -2.86
XOZ1   Oats Dec 2001                             183 3/4        -5  -2.66
PLV1   Platinum Oct 2001                           431.3     -10.9  -2.48
QLZ1   Central Appalachian Coal Dec 2001           34.25     -0.85  -2.42
OZ1    Oats Dec 2001                             183 3/4    -4 1/4  -2.26
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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

DECT   DECTRON INTL                               7.4500    3.3600  +82.56
RIT    RIGHTCHOICE MNGD CARE INC(DEL)              62.10     17.14  +38.00
TIVO   TIVO INC                                   5.5400    1.0500  +23.08
BONZ   INTERPORE INTL                             8.2822    1.5000  +21.28
TESTC  TEST SECURITY                             43.5500    7.5100  +20.86
LABL   MULTI-COLOR CORP                          21.0300    3.8500  +20.37
IPIC   INTERNEURON PHARMACEUTICALS                5.6500    0.8700  +18.20
TELM   TELLIUM INC                                5.1100    0.7500  +17.05
ISSX   INTERNET SECURITY SYSTEMS INC             25.2300    3.5600  +16.29
OLN    OLIN CORP                                   14.60      2.03  +15.96

LOSERS

CPWM   COST PLUS                                 16.9300   -6.3200  -27.71
SURE   SUREBEAM CORP'A'                           8.2000   -3.0900  -27.47
MNS    MSC.SOFTWARE CORP                            9.90     -2.75  -21.74
CPHD   CEPHEID                                    5.4300   -1.2600  -18.86
DMRC   DIGIMARC CORP                             11.5600   -2.5600  -18.44
MIMS   MIM CORP                                  10.6200   -2.2700  -17.53
TTN    TITAN CORP                                  18.62     -3.89  -17.27
ESRX   EXPRESS SCRIPTS INC                       40.2900   -7.9200  -16.49
RX     IMS HEALTH                                  22.89     -4.47  -16.34
SLNK   SPECTRALINK CORP                          14.6800   -2.6800  -15.67

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