T H U R S D A Y   E X T R E M E   M A R K E T S
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Thursday: The CRB Index is declining 0.77 points to 209.00. The
US Dollar Index moved up 0.82 points to 119.07.

The Dow Industrials moved up 39.30 points, at 10911.94, while
the S&P 500 gained 7.74 points, last seen at 1255.82. The
Nasdaq Composite moved higher by 25.99 points to 2110.49.

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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 INDEXES closed higher on Wednesday due to short covering as
they consolidated some of this week's losses. However, both the
Nasdaq and the September S&P 500 index failed to fill Wednesday's
gaps thereby leaving the doors open for additional weakness into the
first half of June. Momentum indicators remain bearish warning
traders and investors that the sell off's from May's highs are likely
to continue.

The Dow closed higher as it posted an inside day due to short
covering. However, momentum indicators remain bearish signaling that
sideways to lower prices near-term are likely. If the decline off
this month's high continues, May's reaction low crossing at 10,774.10
is the Dow's next target.

INTEREST RATES June bonds closed sharply higher on Thursday and above
broken support crossing at 99-31 thereby tempering the near-term
bearish outlook in the market. Much of today's support was due to
position squaring ahead of Friday's unemployment report. Closes above
this spring's downtrend line crossing near 100-26 or below weekly fib
support crossing at 98-07 are needed to clear up near-term direction
in the market. Today's rally turned the daily ADX (a trend- following
indicator) down signaling that the near-term trend has turned
sideways.

The CRB INDEX closed lower for the eighth day in a row and spiked
below April's low crossing at 208.87. Multiple closes below this
support level would confirm a breakout and resumption of this year's
downtrend. While lower prices are possible, I would not be surprised
to see a short covering bounce on Friday as the CRB index has become
oversold. Much of today's pressure was due to weakness in precious
metals, foods and crude oil.

ENERGY MARKETS were mixed on Thursday despite concerns over Iraq's
threats to curtail oil exports. Early session losses were tempered
after a temporary extension to the oil-for- food program for Iraq was
extended for up to six month's.

July crude oil closed lower on Thursday but near session highs due to
a late-session short covering bounce. Session lows fell short of
testing the 50% retracement level of the December/May rally crossing
at 27.51. While momentum indicators are still bearish, today's
high-range close leaves the door open for sideways trading on Friday.

July heating oil closed below this spring's uptrend line crossing
near 77.45. Early session weakness spiked below the 38% retracement
level of the December/May rally crossing at 75.66. Today's high-range
close leaves the door open for sideways to higher trading on Friday.
Momentum indicators remain bearish signaling that sideways to lower
prices into early-June are possible.

July unleaded gas closed slightly lower on Thursday. Early weakness
led to a spike below May's reaction low crossing at 91.20. However, a
short covering rally ahead of the close erased much of today's losses
and leaves July in position to post a short covering bounce on
Friday.

July Henry Hub natural gas closed lower on Thursday after early
strength tied to spillover short covering from Wednesday faded during
the session. July is consolidating above last October's low crossing
at 3.86. Closes below this key support level would open the door for
a possible test of the 62% retracement level of the 1999-01 rally
crossing at 3.64 later this spring. The daily ADX (a trend-following
indicator) is in a bearish mode signaling that additional weakness is
possible.

CURRENCIES The September Dollar gapped up and closed higher on
Thursday thereby confirming the recent trading range breakout.
Today's rally opened the door for a test of weekly resistance that
crosses at 121.58, which marks the 50% retracement level of the
1985/1992 decline later this spring. The daily ADX (a trend-following
indicator) has entered a bullish trend mode signaling that additional
weakness near-term is possible.

The September Swiss Franc gapped down and closed sharply lower on
Thursday thereby confirming the recent breakout below key support
crossing at .5643. The door is open for additional weakness and a
possible test of weekly support crossing at .5508 later this spring.
The daily ADX (a trend- following indicator) has entered a bearish
trend mode signaling that additional weakness is possible.

The September Canadian Dollar closed higher on Thursday negating
Wednesday's key reversal down. Until September closes below April's
uptrend line crossing near .6440, the overall trend remains sideways
to up. Stochastics and RSI are neutral to bullish signaling that
sideways to higher prices near-term are still possible. Closes above
.6541 are needed to renew this spring's rally.

The September Japanese Yen gapped up and closed into new highs for
the month thereby confirming a breakout above this spring's trading
range crossing at .8425. Today's high tested the 25% retracement
level of the 2000-01 decline crossing at .8524. Closes above this
resistance level are needed to extend this spring's corrective rally.

PRECIOUS METALS August gold posted an inside day with a lower close
on Thursday. Today's loss led to a close below April's uptrend line.
Multiple closes below this support level would open the door for a
possible test of this spring's low crossing at 257.30 later this
year. Momentum indicators are bearish signaling that additional
weakness into the first half of June appears likely.

July silver closed lower on Thursday as it continues to extend its
decline off last week's high. Momentum indicators are bearish
signaling that sideways to lower prices into early-June are possible.
July has been lower for the past three trading sessions, which could
set up a short covering bounce on Friday. Longer-term, a test of
May's low at 4.315 is possible.

July copper extended this week's decline on Thursday but fell short
of testing May's low at 74.75. A short covering bounce ahead of the
close tempered some of today's losses leaving the door open a short
covering bounce on Friday. Momentum indicators are bearish signaling
that additional weakness into early-June appears likely.

GRAINS July corn closed higher on Thursday due to end of the month
profit taking on net short positions by funds. Spillover support from
sharply higher soybean prices also underpinned the corn market.
Additional support came from growing concerns that the below normal
temps across the Midwest are slowing crop development. If those
concerns continue to grow over the next week or two it could lead to
a modest short covering bounce. However, traders are expecting to see
the USDA lower their export projection in the June supply/demand
report, which will only added to the bearish carryout level. Traders
will be watching Friday's export sales report for signs of improving
export demand.

July wheat posted an inside day with a higher close due to increased
concerns over disease in the Kansas hard red winter wheat crop and
some end of month short covering. Today's close above broken support
crossing at 2.65 tempers the near-term bearish outlook in the market
as momentum indicators have also turned neutral to bullish. I would
not be surprised to see a steady to higher close on Friday if
tomorrow's export sales report comes in at or just above
expectations.

SOYBEAN COMPLEX July soybeans closed sharply higher on Thursday as
wet weather across the heart of the U.S. soybean belt has raised
concerns over emergence and early crop development. Fund short
covering was triggered once July moved above the 20 and 50-day moving
averages. Today's close above April's broken uptrend line tempered
the bearish short-term outlook in the market. However, it will take
closes above 4.53 1/2 to renew this spring's rally. Demand remains
strong, which continues to underpin the market.

July soybean meal closed sharply higher on Thursday and above this
spring's uptrend line thereby tempering the bearish outlook in the
market. However, closes above last week's high at 168 are needed to
renew this spring's rally. Friday's export sales report may help
provide additional strength to the meal market.

LIVESTOCK August hogs closed higher for the third day in a row on
Thursday and above the 62% retracement level of this spring's decline
crossing at 63.40. While a setback is possible on Friday due to light
profit taking ahead of the weekend, this week's rally has opened the
door for a possible test of April's gap crossing at 64.90 later this
year. Momentum indicators have turned bullish signaling that sideways
to higher prices into early-June are possible.

August cattle gapped up and closed above the 75% retracement level of
this year's decline crossing at 73.83 on Thursday. Today's rally
renewed May's advance and set the stage for a test of January's high
crossing at 75.00 later this spring. Expectations for steady to $1.00
higher cash trades this week triggered today's rally. Momentum
indicators are bullish but have become overbought warning traders to
use caution as a top may be near.

FOOD & FIBER July coffee plunged below April's low crossing at 58.80
on Thursday thereby renewing this year's downtrend. Today's move to
new lows opened the door for a test of long- term support crossing at
51.70 later this year. Moderating temps across Brazil's coffee
growing region along with abundant supplies by North American
roasters and huge exchange stocks continue to weigh on coffee prices.

July cocoa closed lower on Thursday and below trading range support
crossing at 955. Session lows fell just short of testing the 62%
retracement level of this winter's rally crossing at 929. I would not
be surprised to see a short covering bounce on Friday that could lead
to a test of broken support at 955. However, momentum indicators
remain bearish signaling that additional weakness into early-June is
possible. If the decline continues, the 75% retracement level at 862
is July's next target.

July sugar posted an inside day with a lower close as it tried to
consolidate some of this week's losses. However, the door to lower
prices remains open following Tuesday's trendline breakout. While
another day or two of consolidation is possible, the door is open for
additional weakness into early-June with 832 then 808 being possible
targets.

July cotton closed slightly higher on Thursday as it continues to
consolidate above psychological support crossing at 40-cents. Talk of
lost cotton production in west Texas provided minor support. However,
beneficial rain farther south in west Texas tempered gains. The Delta
and Southeast are expected to see more rain next week with most of
the U.S. cotton crop in good shape.

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T O P   N E W S
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STOCKS

Japan Stocks Review: Nikkei down 1.7%, techs remain under pressure
   http://news.ino.com/summary/?id=25610
Add2: US Equities Review: Techs pace modest market rebound
   http://news.ino.com/summary/?id=25618
UK Stocks Review: Resurgent techs push FTSE back up to flat line
   http://news.ino.com/summary/?id=25616

FOREX

US FX Review: Euro tanks on receding ECB intervention fears
   http://news.ino.com/summary/?id=25612
Asia FX Review: Yen well bid across the board in Asia Thursday
   http://news.ino.com/summary/?id=25617
Europe FX Review: Euro plunges to its lowest level this year
   http://news.ino.com/summary/?id=25611

CREDIT

US Credit Review: Climbs on weak labor, manufacturing data
   http://news.ino.com/summary/?id=25608
Europe Credit Review: Bonds hit by euro losses, Gilts outperform
   http://news.ino.com/summary/?id=25613
Japan Credit Review: Yen bonds higher amid weak Nikkei stock
   http://news.ino.com/summary/?id=25615

COMMODITIES

US Futures Summary: Coffee, cocoa crash; soybeans, cattle climb
   http://news.ino.com/summary/?id=25614

EXCHANGES

New WCE Canola Meal Futures Contract Launch Date Set
   http://news.ino.com/press/?release=24501
WCE  Delists Oats Futures Contract
   http://news.ino.com/press/?release=24500
NYSE Announces Disciplinary Actions Against 13 Individuals
   http://news.ino.com/press/?release=24499
HKFE Revises Margins For Stock And Stock Index Futures
   http://news.ino.com/press/?release=24498
HKEx, Shanghai And Shenzhen Agree To Exchange Securities Market Data
   http://news.ino.com/press/?release=24497
DJ Average To Begin 'Indicative' Calculation At 3am Eastern
   http://news.ino.com/press/?release=24496
CME To Add May Contract For Lean Hogs
   http://news.ino.com/press/?release=24495
Amex Lists 100th ETF With Vanguard VIPERs Offering
   http://news.ino.com/press/?release=24494
Mini FTSE 100 Contract Cleared For US
   http://news.ino.com/press/?release=24493
Kansas Wheat Options Set New Open Interest Mark
   http://news.ino.com/press/?release=24492
CFTC Security Futures Products Procedural Proposals
   http://news.ino.com/press/?release=24491
Revisions To Winnipeg's Field Pea Contract Approved
   http://news.ino.com/press/?release=24490
LIFFE Announces Fee Holiday For Swapnote Contracts
   http://news.ino.com/press/?release=24489
Deutsche Borse And Eurex Plan Joint Market For US Products
   http://news.ino.com/press/?release=24488

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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

ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   3 17/32  +3.52
SMZ1   Soybean Meal Dec 2001                       150.9       5.1  +3.50
XSX1   Soybeans Nov 2001                         432 1/4    13 3/4  +3.27
SN1    Soybeans Jul 2001                             451    13 1/2  +3.09
XEN1   Soybean Meal Jul 2001                       165.7       3.3  +2.06
ON1    Oats Jul 2001                             114 1/2     2 1/4  +2.00
HUM1   New York Harbor Unleaded Gasoline Jun 20    1.0632    0.0188  +1.81
XRN1   Soybean Oil Jul 2001                        15.01      0.24  +1.62
RRU1   Rough Rice Sep 2001                         5.420     0.080  +1.50
CN1    Corn Jul 2001                             192 3/4     2 3/4  +1.45

LOSERS

KCU1   Coffee 'C' Sep 2001                         60.20     -2.10  -3.38
NGH3   Henry Hub Natural Gas Mar 2003              3.907    -0.130  -3.24
BDN1   Oriented Strand Board Jul 2001             212.00     -6.50  -2.95
CCN1   Cocoa Jul 2001                                936       -25  -2.59
EJM1   Euro/Japanese Yen Jun 2001                 100.55     -2.39  -2.32
KIZ1   Kilo Gold Dec 2001                            271        -6  -2.17
ZXM1   New Zealand Dollar/U.S. Dollar Jun 2001    0.4088   -0.0084  -2.02
HUV1   New York Harbor Unleaded Gasoline Oct 20    0.8078   -0.0151  -1.87
PLN1   Platinum Jul 2001                           603.1     -10.1  -1.65
SIN2   Silver Jul 2002                             4.561    -0.068  -1.48
____________________________________________________________________________

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

CVSN   CHROMAVISION MEDICAL SYSTEM                  5.30      1.29  +31.77
NCPM   NCO PORTFOLIO MANAGEMENT INC                 6.50      1.24  +23.62
WWIN   WASTE HOLDINGS                               7.95      1.35  +21.95
IDN    INTELLI-CHECK INC                            8.55      1.45  +20.71
AMWD   AMER WOODMARK                               34.84      5.62  +19.34
AUGT   AUGUST TECHNOLOGY                           14.35      2.25  +18.37
PRX    PHARMACEUTICAL RESOURCES                    24.96      3.86  +18.29
IDT*   IDT CORP W/I                                14.70      2.25  +17.65
CXW    CORRECTIONS CORP OF AMERICA                 12.95      1.90  +17.19
TPTH   TRIPATH IMAGING INC                          8.77      1.29  +17.18

LOSERS

HABKE  HAMILTON BANCORP                             6.98     -1.75  -19.77
CEC    CEC ENTERTAINMENT                           43.30    -10.60  -19.67
XXIA   IXIA                                        13.50     -2.35  -15.79
IDT.B* IDT CORP CL B W/I                           11.65     -1.95  -14.34
ARTL   ARISTOTLE CORP                               8.75     -1.19  -13.30
RARE   RARE HOSPITALITY INTL                       23.27     -3.55  -13.12
TZA    TV AZTECA,S.A. ADS                           7.50     -1.08  -12.74
BUCA   BUCA INC                                    21.80     -3.19  -12.68
CHBS   CHRISTOPHER & BANKS CORP                    38.56     -5.39  -12.26
PROX   PROXIM INC                                  14.30     -1.94  -11.95

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