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 up 0.14 points to 195.03. The
US Dollar Index climbed 0.45 points to 116.78.

The Dow Industrials declined 46.50 points, at 10150.55, while
the S&P 500 fell 4.18 points, last seen at 1160.71. The
Nasdaq Composite gained 18.63 points to 2055.73.
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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 mixed on Tuesday. Gains in high- technology
stocks continue to underpin the NASDAQ while light profit taking left
over from Monday continued to pressure the S&P 500 index. Both
indexes are at important crossroads as they are challenging their
December highs. Closes above these resistance levels are needed to
confirm that the rallies off September's lows have renewed. Until
then both markets are vulnerable to posting possible double tops with
their December highs. The NASDAQ is at a crossroads with the recent
spike above December's high. The NASDAQ closed up 18.63 points at
2055.73. The March S&P 500 index closed down 3.50 points at 1163.30
as it consolidates below December's high crossing at 1176. Closes
below last week's low at 1136.50 would increase the odds that a
double top has likely been posted.

The Dow closed lower for the second day in a row on Tuesday due to
light profit taking following the release of today's Dept. of
Commerce Nov. factory orders report for November. The report showed
that factory orders fell by 3.3%; excluding transportation, which was
down 0.2%. Factory inventories for November declined by 0.9% while
shipments for new orders dropped by 0.6%. If this week's setback
continues, minor trendline support crossing near 10,020 is a possible
target. Closes below this support level would increase the odds that
a short-term top has been posted. If the rally resumes, fib
resistance crossing at 10,574.10 is a potential target later this
winter.

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

March T-bonds closed higher on Monday thereby negating last Friday's
key reversal down. Today's rally in March bonds was triggered by
Argentina's devaluation of the peso. The devaluation triggered a safe
haven move on the part of some market players. Additional support
came from economic forecasts, which are calling for factory orders to
fall during November, based upon the decline in durable goods orders
that has already been reported for the same month. November factory
orders are due to be reported at 9:00 CST on Tuesday. The consensus
estimate of economists surveyed by ODJ is for a fall of 2.6%,
following a steep increase of 7.1% in October. Short-term momentum
indicators remain bullish signaling that March bonds may need to
correct more in time than price before the next trend change takes
place. Closes above 102-05 or below 98-01 are needed to clear up
near-term direction in the market.

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

The CRB index posted an inside day with a higher close on Tuesday and
above 2001's downtrend line, which crosses near 194.35. Consecutive
closes above this resistance level will set the stage for a possible
test of last September's high, which coincides with the 38%
retracement level of the 2000/01 decline crossing at 202.52 later
this winter. Strength in grains, fiber and some foods underpinned
today's rally. The daily ADX (a trend-following indicator) signals
that additional strength is possible.

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

The energy markets closed lower on Tuesday in cautious trading ahead
of the release of this afternoon's API inventory reports. The
fundamental outlook for crude oil and its products remains bearish
with low demand and oversupply. Prices are likely to remain sluggish
until economic recovery boosts demand or production cuts announced by
OPEC cut into oil inventories.

February crude oil closed lower on Tuesday however, losses were
tempered by a late short covering bounce. Stochastics and the RSI are
becoming overbought hinting that Monday's spiking above the 38%
retracement level of the September/November decline crossing at 21.77
might have marked a short-term top. However, closes below December's
uptrend line crossing near 20.52 will be needed before this is
confirmed.

February heating oil drifted lower on Tuesday as it confirmed
Monday's downside reversal. However, today's mid- range close leaves
the door open for sideways trading on Wednesday. Closes below last
week's low of 55.20 would open the door for lower prices into
mid-January. Stochastics and the RSI have turned bearish signaling
additional weakness is possible near-term.

February unleaded gas closed lower on Tuesday and below the 38%
retracement level of the September/November decline crossing at
61.18. Closes below December's uptrend line crossing near 60.35 would
confirm that a short-term top has likely been posted. Stochastics and
the RSI are overbought and turning bearish increasing the odds that a
double top was posted with last Friday's high.

February Henry Hub natural gas closed slightly higher on Tuesday but
near mid-range thereby leaving the door open for sideways trading on
Wednesday. Closes above trendline resistance crossing near 2.35 along
with an upturn by stochastics and the RSI are needed to confirm that
a bottom has been posted.

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

The March Dollar closed higher on Tuesday but near session lows due
to profit taking late in the session. Nevertheless, today's rally
confirmed Monday's key reversal up while signaling that a low was
posted with last Wednesday's low. This leaves last fall's uptrend
intact for the time being. Stochastics and the RSI are turning
neutral to bullish thereby leaving the door open for sideways trading
near- term. Closes above 118.85 or below 116.00 are needed to clear
up near-term direction in the market.

The March Swiss Franc closed lower on Tuesday as it continues to form
a potential bull flag. However, closes below last Monday's close of
.6020 would temper the near- term bullish outlook in the Franc as a
number of momentum indicators would begin to turn neutral to bearish
hinting that a short-term top has likely been posted. If the rally
off the late-December low resumes, December's high crossing at .6154
is March's next target.

The March Canadian Dollar posted a potential key reversal up on
Tuesday. The back and fill type trading action of the past two weeks
is indicative of a market, which is trying to bottom. Closes above
last week's high crossing at .6290 are needed to confirm that a
double bottom was posted in late- December. Momentum indicators are
oversold but have not confirmed that a bottom is in place.

The March Japanese Yen plunged to a new contract low on Tuesday as it
tested long-term support crossing at .7558. Closes below this support
level would open the door for a possible test of the next level of
long-term support crossing at .7210 later this winter. Closes above
the Nov./Dec. downtrend line crossing near .7696 are needed to
confirm that a low has been posted. The daily ADX has turned down
indicating that a low has either been posted or is very near.

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

February gold closed slightly higher in choppy trading on Tuesday as
it continues to work into the apex of December's symmetrical
triangle. A breakout of this consolidation formation is needed to
clear up near-term direction in the market. Stochastics and the RSI
are turning neutral to bearish hinting that a downside breakout of
December's triangle might be near.

March silver closed lower on Tuesday due to light profit taking as it
consolidates some of its recent gains. However, the door remains open
for a test of October's high crossing at 4.74 in the near future. It
will take closes below initial trendline support crossing near 4.58
to signal that a short-term top has been posted. The ADX (a
trend-following indicator) is bullish signaling that additional
strength is still possible.

March copper closed lower on Tuesday due to light profit taking as it
consolidated some of Monday's gains. The low- range close leaves the
door open for additional profit taking in access trading. However,
the door has been opened for an eventual test of November's high
crossing at 73.70. This week's rally marked the birth of either a
c-wave or wave-3 advance, which should be impulsive and exceed
November's high later this winter. Stochastics and the RSI are
bullish signaling that additional gains are possible.

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

March corn closed unchanged in choppy trading on Tuesday as it
consolidates some of its recent gains. Today's high-range close
leaves the door open for sideways to higher trading into Friday's
government reports. Traders are looking for the S&D reports to show
an increase in supply and a carryout. Questions over demand may or
may not be answered in this report. However, the decline during
December has already factored some of the expected bearish new. If
the market does not go down following Friday's report, it would
confirm all of the negative news is in the market leaving the door
open for sideways to higher trading for the balance of January.

March wheat closed fractionally higher on Tuesday after testing
broken weekly resistance crossing at 3.04. Closes above fib
resistance crosses at 3.09 1/2 would open the door for a
larger-degree rebound during January. Tightness in U.S. and world
stocks over the past year is finally starting to take effect on the
market, which has resulted in the rally off December's low. My only
concern is whether or not all of the current bullish news has already
been priced into the market. Momentum indicators are bullish but
becoming overbought warning bullish traders that a short-term top
might be near. Bulls will need to see increased export sales to
warrant a rally to last July's high at 3.20 during January.

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

March soybeans posted an inside day with a higher close as dry
weather concerns across portions of South American continue to
trigger modest fund short covering. Today's high tested this fall's
downtrend line crossing at 4.37. Multiple closes above this
resistance level are needed to confirm a breakout and bottom while
opening the door for a possible test of fall highs crossing at 4.57
1/2 later this month. Momentum indicators are bullish signaling that
additional gains are possible near-term.

March soybean meal closed higher on Tuesday and above this fall's
downtrend line crossing near 144.50. Multiple closes above this
resistance level are needed to confirm today's trendline breakout,
which signals that a bottom has been posted. Momentum indicators are
oversold and turning bullish with Tuesday's rally signaling that a
bottom is in place.

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

February hogs posted a key reversal down and closed below December's
uptrend line crossing near 55.00 to confirm a top and trend change
has taken place. Weakness in cash bids and lower product prices
continues to pressure the market. Today's low-range close leaves the
door open for additional weakness on Wednesday. Momentum indicators
have turned bearish signaling that sideways to lower prices are
possible into the later part of January.

February cattle posted a downside reversal on Tuesday hinting that
the short covering bounce off last Friday's low has likely ended.
Additional weakness on Wednesday is needed to confirm today's bearish
reversal pattern. If the decline off last week's double top
continues, this fall's uptrend line crossing near 68.40 is February's
next likely target. Stochastics and the RSI are overbought and
turning bearish with today's weakness signaling that additional
weakness is possible near-term.

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

March coffee closed higher on Tuesday leaving Monday's downside
reversal unconfirmed. Trading volume was thin, which allowed for a
short covering rally triggered by locals late in the day. Early
weakness was tied to spec. and producer selling following Monday's
downside reversal. March remains range bound, as closes above 50.00
or below 44.75 are needed to clear up near-term direction in the
market.

March cocoa posted an inside day with a lower close on Tuesday as it
consolidated some of its recent gains following last Friday's
breakout above this fall's symmetrical triangle. The door remains
open for additional gains with weekly resistance crossing at 1422
marking the next target. If this resistance level is cleared, monthly
resistance crossing at 1508 is the next upside target later this
winter.

March sugar closed higher on Tuesday thereby confirming Monday's key
reversal up. March is poised to test December's high crossing at 785,
then fib resistance crossing at 804 possibly before Thursday's time
turn. Momentum indicators remain bullish but nearing their respective
overbought positions hinting that a short-term top might be near.

March cotton closed higher on Tuesday as it extends its rebound off
last Monday's low that marked a double bottom with December's low.
March is poised to test the December 7th reaction high crossing at
38.75 possibly on Wednesday. If cleared, November's high crossing at
39.80 is March's next target. Until this resistance level is broken,
March cotton will remain in a trading range. Stochastics and the RSI
are bullish signaling that sideways to higher prices are possible.

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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

LBH2   Random Length Lumber Mar 2002              259.50      8.40  +3.35
RRF2   Rough Rice Jan 2002                         3.780     0.110  +3.00
DAG2   BFP Milk Feb 2002                           11.80      0.28  +2.43
CTH2   Cotton Mar 2002                             38.45      0.89  +2.37
RAM2   South African Rand Jun 2002              0.085000  0.001900  +2.29
XRF2   Soybean Oil Jan 2002                        16.15      0.35  +2.17
XEK2   Soybean Meal May 2002                       144.5       2.7  +1.90
DBK2   Butter May 2002                           145.000     2.500  +1.75
PAH2   Palladium Mar 2002                         431.00      7.00  +1.65
NGV4   Henry Hub Natural Gas Oct 2004              3.238     0.050  +1.56

LOSERS

AGM2   Silver 1,000 oz. Jun 2002                   4.411    -0.210  -4.59
XOH2   Oats Mar 2002                             203 3/4    -4 3/4  -2.28
OH2    Oats Mar 2002                             203 3/4    -4 1/2  -2.16
CCK2   Cocoa May 2002                               1367       -25  -1.80
HUG2   New York Harbor Unleaded Gasoline Feb 20    0.6099   -0.0109  -1.75
CLN2   Light Sweet Crude Oil Jul 2002              21.57     -0.28  -1.29
JYH2   Japanese Yen Mar 2002                    0.007559 -0.000097  -1.27
LHG2   Lean Hogs Feb 2002                         54.675    -0.625  -1.13
NKH2   Nikkei 225 Stock Avg Mar 2002               10715      -115  -1.06
HGF2   Copper Jan 2002                            0.7035   -0.0065  -0.92

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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

JTWO   J2 COMMUNICATIONS                          5.5300    3.0200  +66.96
PLUG   PLUG POWER                                12.0400    3.3800  +39.03
GBR    GREENBRIAR CORP                             16.50      4.00  +32.00
BYBI   BACK YARD BURGERS                          7.3300    1.7100  +29.48
SATC   SATCON TECHNOLOGY                          6.4000    1.3900  +27.74
CKC    COLLINS & AIKMAN                             9.80      2.00  +25.64
NWRE   NEOWARE SYSTEMS                            7.8100    1.5800  +25.24
ETP    ENTERPRISE OIL ADS                          26.10      4.90  +23.00
FCEL   FUELCELL ENERGY INC                       21.8500    4.0900  +22.82
HELE   HELEN OF TROY LTD                         15.0000    2.5600  +20.81

LOSERS

GTW    GATEWAY INC                                  7.69     -2.56  -24.98
BFUN   BAM ENTERTAINMENT                          5.3200   -1.6800  -24.00
WWCA   WESTERN WIRELESS'A'                       19.7500   -5.9900  -23.37
SPLX   SIMPLEX SOLUTIONS                         14.5100   -4.0600  -21.64
MEE    MASSEY ENERGY COMP                          18.00     -4.20  -18.90
FLWS   1-800-FLOWERS.COM INC CL A                14.6200   -3.1300  -18.01
NTLO   NTELOS INC                                10.8800   -2.3400  -17.75
SSSW   SILVERSTREAM SOFTWARE INC                  5.5900   -0.9900  -14.98
GLYN   GALYAN'S TRADING                          11.2500   -1.8000  -13.64
BABY   NATUS MEDICAL                              5.3500   -0.7500  -12.71
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