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 trending higher 0.46 points to 189.76. The
US Dollar Index rose 0.51 points to 119.41.

The Dow Industrials eased 6.85 points, at 9685.43, while
the S&P 500 fell 4.42 points, last seen at 1090.02. The
Nasdaq Composite slipped 17.01 points to 1838.52.
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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

Stocks finished the day lower after engaging in some jitterbugging
that would have left anyone winded. The final twist came in the last
hour of trading, when the Dow Jones Industrial Average went from a 60
point gain to a one point loss after the Senate said it would likely
shelve the economic stimulus bill that president George W. Bush said
would hasten the economy's recovery.

Senate Majority leader Tom Daschle said neither Republicans nor
Democrats had enough votes to win approval for their competing
measures, so he would likely withdraw it. A lot of companies were
counting on some kind of fiscal stimulus to give their operations a
boost, a kind of extra push toward profitability. "Now some people
have to recalibrate their expectations," said Scott Curtis, head of
trading at Credit Lyonnais.

It seemd when stocks reached a certain sell-off point, investors came
in and shares rose. But other investors, eager to book any kind of
profit, almost just as quickly crowded in to sell, leaving stocks in
seesaw mode. That kind of action does not bode well for putting
together anything sustainable to the upside, Curtis said. "You have
to be more short-term oriented right now, going for nickels and
dimes, not dollars." (Dow Jones)

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

Debt futures bounced back on short covering late in the session to
finish slightly mixed after Senate majority leader Tom Daschle
indicated that an economic stimulus bill would probably be shelved.
That prompted some uncertainty about how strong an economic recovery
the market should expect. Previously, debt prices had been hurt by an
auction that was described by analysts as "poorly received" and
"ugly," as well as by strength in equities around the time of the
auction.

While there was a de-linkage between the stock and Treasury markets
late in the session, the link was beginning to return just ahead of
the close and continued in after-hours electronic trading, sources
said.

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

No report today.

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

Crude oil and energy products futures closed lower but off their lows
Tuesday amid late technical short covering and talk of Venezuela
curbing its refinery output significantly. The state-owned oil
company, Petroleos de Venezuela SA said earlier that it was planning
to shut its 108,000 barrel-per-day fluid catalytic cracker at its
Amuay refinery for routine maintenance for one month in early
February. Reports said the unit could shut on Friday.

"It did have the look of a refinery shutdown," said John Kilduff, an
analyst at Fimat USA Inc. of the price surge at the close. But he
emphasized that locals were behind the last minute buying in an
attempt to break resistance at $20.06/bbl. In the afternoon session,
crude came off its lows on news that Iraqi exports were steady at
1.93 million barrels a day in the week ended Feb. 1. However, Iraqid
oil exports were down about 25% to 1.5 mln bn/d over the last two
months. (OsterDowJones)

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

In erratic trading Tuesday, the dollar firmed broadly as fears of
another dollar-weakening selloff in the Dow Jones Industrial Average
proved to be unfounded. Traders continue to suggest that the currency
market favors the dollar, with Monday's euro and yen gains just a
brief reversal within a dollar uptrend. "It's been whippy, but the
general trend is that you should be buying dollars," said Joe
Francomano, vice president of foreign exchange at Erste Bank in New
York.

Tuesday, the possibility of further unpleasant surprises tied to US
corporate accounting was a major concern for equity investors and
injected additional uncertainty into both equity and foreign-exchange
trading, said analysts. Traders weren't surprised when the euro
initially edged higher overnight, climbing to test resistance at
$0.8720. But the single currency lost momentum and began to ease back
in the face of some solid dollar buying, traders said.

Dollar/yen moved higher throughout the day, gaining about 2% from
overnight lows, as yen-negative sentiment outweighed any concerns
over the U.S. economy and the dollar. Traders reported sustained
buying interest in dollar/yen, with bids from a major U.S. investment
bank pushing the pair to an intraday high at Y134.25.(Dow Jones)

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

Comex April Gold soared to a high of $299.80 a troy ounce Tuesday,
stopping just short of the critical $300 level, a psychological
target for quite some time. The contract slid back to $298.80, an
$8.70 gain over Monday's close. A torrent of fund buying touched off
buy stops beginning above $294.50, according to trade Jim Pogoda at
Mitsubishi International Corp. in New York.

Wavering investor confidence in U.S. equity markets continues to be
seen as the main driver for the rally, which began Friday from the
$282.00 level. One London- based analyst said a move to $300 would
represent a 6% gain in the gold price in just three trading sessions,
which wasn't sustainable. George Gero, senior vice president at
Prudential Securities in New York, said $300 was an important level
because it's where products have been waiting to sell gold for a
while.

Mar copper futures remained entrenched within a 73 to 74 cents per
pound range Tuesday as profit-taking and short covering continued to
cancel each other out to keep prices mainly flat. Mar made frequent
probes of support in the 73.00 cent area throughout the day, and even
dipped below on occasion to register three-day lows of 73.60 cents.
However, dip buying and further short covering at the lows propped up
activity and eventually carried prices back to the 73.25 cent area by
settlement.

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

Corn futures ended slightly higher at the CBOT on Tuesday, continuing
marginal gains from the contract lows set last week. Wheat recovered
to finish higher, as a recent wave of fund-selling lost steam and
bull-spreading picked up. Ideas were that the intra-market spreads
were due for a slight correct.

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

Soybean futures showed no desire to follow rallying soyoil higher and
ended up narrowly mixed with nearby contracts lower after an
unusually quiet session. While soyoil had a record large net short
position in the hands of commodity funds to support a corrective
rally to the upside, soybeans had nothing but an empty news from and
a South American weather forecast that has already been largely
factored into prices (OsterDowJones)

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

Fund buying and commercial selling made for a higher lean hog futures
market that was underpinned by friendly cash fundamentals. The
prospect of steady to strong live hog bids has led to firm midweek
futures ideas.

A couple of days ago, it appeared nothing on the cash side favored
lean hog traders. Now there is an air of cautious invincibility.
"There is no bade news," a pit source said. However, a few others are
still scratching their heads over the "wishy-washy" trade the past
week or so that left little in the way of solid information to chart
market diredction. "The market (lean hogs) is up one day and down the
next," the pork complex trader said. "There is nothing to hang your
hat on," he added.

Higher lean hogs provided moral support to bellies which ended the
session strong on late-session activity. (OsterDowJones)

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

Arabica coffee futures settled lower amid selling from commission
houses and large commodity funds against steady buying from trade
houses and roasters. "The funds are just adding to their shorts, and
they are not done yet," said one desk broker in New York. "They'rre
going to get (their net position) back to 9,000-9,500 shorts."

In the week ended Jan. 29, large speculators held 6,689 contracts in
the CSCE coffee futures market, but when options are included, the
funds net position is 8,192 short contracts, according to the COT
report issued by the CFTC every Friday. This number has led some
traders to wonder whether the selling of shorts isn't nearing an end.

It was a mercurial day for cocoa futures Tuesday as prices jumped the
fence of the unchanged mark back and forth numerous times before
settling lower on the day. Overall, activity was dominated by
indecisive locals and small speculators, unsure about which position
they should hold. Locals, in particular, started liquidating their
long holdings - the inheritance of the previous session's strength -
and shifted numerous times between the short and the long side, but
ended "with empty pockets," a trader said.

World sugar futures ended higher Tuesday as trade houses and
end-users bought, spurring small speculators and locals to cover
shorts. Funds were on both sides. the market began to address the
oversold status after losing a fourth of its value in recent weeks.
The Mar contract settled 10 points higher at 6.34 cents per pound and
May closed up 12 points at 5.85c.

Cotton futures settled moderately lower Tuesday, rubbing out all of
the previous session's gains, but still holding onto most of the
hefty gains from Friday. As expected, many of the large participants
were on the sidelines as the market is getting ready for a busy end
of the week ahead of numerous reports and fresh fundamental data that
could determine the near-term course of prices. (OsterDowJones)

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I N O   N E W S
_____________________________________________________________________


Crude Oil Margins Lowered
   http://news.ino.com/press/?release=27775
CBOT/MidAm Presidents Day Holiday Schedule
   http://news.ino.com/press/?release=27774
CME Announces Presidents Day Holiday Schedule
   http://news.ino.com/press/?release=27773
Hong Kong And S&P Plan New Series Of Indexes
   http://news.ino.com/press/?release=27772

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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

GCV2   Gold Oct 2002                                 301      19.5  +6.99
AGM2   Silver 1,000 oz. Jun 2002                   4.390     0.170  +4.01
SIZ4   Silver Dec 2004                             4.538     0.171  +3.85
YIH2   Mini NY Silver Mar 2002                     4.390     0.100  +2.33
KIJ2   Kilo Gold Apr 2002                          296.5         6  +2.08
YGG2   Mini NY Gold Feb 2002                       291.1       5.8  +2.03
SBK2   Sugar #11 World May 2002                     5.85      0.11  +1.92
XHG2   Lean Hogs Feb 2002                          57.00      0.95  +1.69
LHJ2   Lean Hogs Apr 2002                         62.725     0.900  +1.46
AFH2   Aluminum Mar 2002                          0.6540    0.0090  +1.40

LOSERS

AGG2   Silver 1,000 oz. Feb 2002                   4.051    -0.237  -5.53
DBN2   Butter Jul 2002                           134.250    -4.750  -3.42
ZOK2   Oats (a/c/e) May 2002                     185 1/2        -6  -3.24
DAH2   BFP Milk Mar 2002                           11.15     -0.27  -2.36
NGH2   Henry Hub Natural Gas Mar 2002              2.074    -0.047  -2.22
LBH2   Random Length Lumber Mar 2002              263.20     -5.60  -2.08
NKU2   Nikkei 225 Stock Avg Sep 2002                9445      -195  -2.03
CCH2   Cocoa Mar 2002                               1380       -24  -1.71
NDH2   NASDAQ 100 Index Mar 2002                 1462.00    -25.00  -1.68
SEH2   Sugar #14 Domestic Mar 2002                 20.63     -0.35  -1.67

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E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

TESTL  THE L TEST                                 6.4600    2.4300  +60.75
AKSY   AKSYS LTD                                  6.0590    0.9000  +16.51
JCOM   J2 GLOBAL COMMUNICATIONS NEW               5.1600    0.7400  +16.37
ENTU   ENTRUST INC                                6.4600    0.9010  +15.95
OS     OREGON STEEL MILLS                           6.24      0.79  +14.50
GOLD   GOLD FIELDS LTD SP ADR                     7.7200    0.9400  +13.82
SFD    SMITHFIELD FOODS INC                        24.60      2.84  +13.05
DYII   DYNACQ INTL                                6.8198    0.7700  +12.69
INOC   INNOTRAC CORP                              6.5100    0.7500  +12.30
PAAS   PAN AMER SILVER                            5.4299    0.5800  +11.93

LOSERS

QXLC   QXL RICARDO PLC ADR                        7.8300   -3.3500  -30.45
TUNE   MICROTUNE INC                             13.9900   -4.9100  -25.97
NXTL   NEXTEL COMMUNIC'NS'A'                      5.0500   -1.7000  -25.07
HC     HANOVER COMPRESSOR HOLDING CO               10.63     -3.26  -23.45
CIC    AT&T CAPITAL 8.125%'PINES'                  18.20     -5.50  -23.21
TYC    TYCO INTERNATIONAL                          23.10     -6.80  -22.74
CIP    AT&T CAPITAL 8.25% 'PINES'                  18.30     -5.35  -22.43
PCS    SPRINT CORP(PCS GRP)                        10.99     -2.84  -20.64
ELXS   ELXSI CORP                                 6.9500   -1.6125  -18.20
LWIN   LEAP WIRELESS INTL                         8.0300   -1.6590  -17.28
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