T H U R 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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Thursday: The CRB Index is trending lower 0.10 points to 195.03. The
US Dollar Index edged lower 0.10 points to 116.91.

The Dow Industrials declined 26.16 points, at 10067.86, while
the S&P 500 gained 1.41 points, last seen at 1156.55. The
Nasdaq Composite trended higher 2.35 points to 2047.24.
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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 Thursday. Today's higher close by the
NASDAQ left Wednesday's downside reversal unconfirmed. At the same
time, momentum indicators are diverging and turning bearish thereby
increasing the odds that a double top with December's high might be
in place. However, closes below trendline support drawn across the
fall/winter lows crossing near 1988.75 are needed before this can be
confirmed. The NASDAQ closed up 2.35 points at 2047.24. The March S&P
500 index posted an inside day leaving Wednesday's key reversal down
unconfirmed. Closes below the Dec./Jan. uptrend line crossing near
1148.70 and last week's low at 1136.50 would confirm that a double
top has been posted.

The Dow closed lower on Thursday and is testing the Dec./Jan. uptrend
line crossing near 10,045. Closes below this support level would
increase the odds that a short-term top has been posted. Short-term
momentum indicators have turned bearish signaling that sideways to
lower prices are possible into mid-January.

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

March T-bonds broke out above this winter's trading range on Thursday
following the release of the latest economic reports. Today's rally
opens the door for a larger-degree rebound into the later part of
January with December's high crossing at 105-06 being a potential
target. Stochastics are bullish signaling that sideways to higher
prices are possible near-term.

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

The CRB index closed slightly lower on Thursday due to weakness in
grains, cattle, copper and fiber. The CRB ended the day just above
the 25% retracement level of the 2000/01 decline crossing at 195. At
the same time, The daily ADX (a trend-following indicator) signals
that additional strength is possible. If the rally off last fall's
low continues, the 38% retracement level of the 2000/01 decline
crossing at 202.52 is a potential target later this winter.

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

The energy markets closed higher on Thursday due to light short
covering as it consolidated some of this week's losses. Concerns over
weak demand despite recent production cuts by OPEC leave the markets
vulnerable to additional weakness near-term.

February crude oil closed higher on Thursday due to light short
covering ahead of the close. Early weakness extended Wednesday's
decline and breakout below December's uptrend line. Today's
high-range close leaves the door open for additional short covering
on Friday. Closes below today's low are needed to confirm this week's
breakout below December's uptrend line thereby opening the door for a
larger-degree decline into the end of January. If the decline off
Monday's high continues, last week's low at 19.66 is February's next
target. Stochastics and the RSI are bearish signaling that additional
weakness is possible near- term.

February heating oil closed higher on Thursday due to short covering
erasing much of Wednesday's loss. February needs to post multiple
closes below last week's low of 55.20 to confirm that the door has
been opened for a larger-degree decline into the later part of
January. Until then this week's lows may have defined the lower
boundary of a narrow trading range, which began in late-December.
Stochastics and the RSI remain bearish signaling additional weakness
is possible near-term.

February unleaded gas posted an upside reversal on Thursday due to
light short covering as it consolidated some of this week's losses.
However, it remains below December's broken uptrend line thereby
leaving confirming that a short-term top has been posted. Today's
high-range close leaves the door open for follow-through short
covering on Friday, which could lead to a test of broken trendline
support crossing near 61.40. Stochastics and the RSI are bearish
signaling that additional weakness appears likely. Closes below
today's low at 58.40 would signal that a larger-degree decline into
the later part of January may be unfolding.

February Henry Hub natural gas drifted lower on Thursday following
the release of this week's AGA inventory report, which was termed
neutral. February continues to hover just above weekly support
crossing at 2.17. If this support level gives way, psychological
support crossing at 2.00 is a potential target later this month. The
daily ADX is bearish signaling that additional weakness is possible.

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

The March Dollar closed lower on Thursday however, a short covering
rebound ahead of the close tempered most of today's loss leaving the
door open for a possible resumption of its rebound off this year's
low on Friday. Stochastics and the RSI are turning neutral as they
await the resumption of this week's rebound before turning bullish.
The late-day rebound along with a high-range close leaves March in
position to close higher on Friday. Longer-term March needs to close
above 118.85 or below 116.00 are needed to clear up near- term
direction in the market.

The March Swiss Franc closed slightly higher on Thursday but near
mid-range, which leaves the door open for sideways trading on Friday.
A number of short-term momentum indicators are turning neutral to
bearish increasing the odds that the Franc may continue to drift
lower into mid- January. Close above Monday's high at .6090 would
indicate that the setback off this month's high might be coming to an
end.

The March Canadian Dollar closed lower on Thursday with session lows
falling just short of testing key support crossing at .6230. A short
covering rebound ahead of the close tempered some of today's losses
leaving the door open for a possible short covering bounce on Friday.
Momentum indicators are oversold but have not confirmed that a bottom
is in place.

The March Japanese Yen closed slightly higher on Thursday as it
continues to consolidate above monthly support crossing at .7558. The
mid-range close leaves the door open for sideways trading on Friday.
Closes above Monday's high would confirm an upside breakout of this
fall's downtrend line thereby signaling that a bottom has likely been
posted. If this winter's decline resumes, the door would be open for
a test of the next level of long-term support crossing at .7210 later
this winter.

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

February gold closed sharply higher for the second day in a row on
Thursday. However, profit taking ahead of the close tempered some of
today's gains leaving the door open for sideways to lower prices on
Friday. Early strength led to a spike above the 62% retracement level
of last fall's decline crossing at 287.60. If this resistance level
is cleared, the 75% retracement level crossing at 291.40 is
February's next target. Stochastics and the RSI are bullish but have
become overbought warning traders that this week's rally may prove to
be a blow off run to complete the correction, which began in
December.

March silver closed lower on Thursday. Overnight strength spiked
above October's high crossing at 4.74 before profit taking pressured
the market into the close. If October's high at 4.74 is cleared, last
September's high at 4.795 is a potential target later this winter.
The ADX (a trend- following indicator) is bullish however, momentum
indicators are extremely overbought warning traders that a broad
double top might be in or is near.

March copper closed lower on Thursday after early strength failed to
trigger follow-through buying following Wednesday's mid-range close.
I would not be surprised to see another day or two of consolidation
around present levels before March attempts to extend this week's
rally. November's high crossing at 73.70 is March's next target if
the rally resumes, Weekly momentum indicators are bullish signaling
that sideways to higher prices are possible into the later part of
January.

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

March corn closed lower on Thursday following a disappointing export
sales report. Net export sales for the week hit a marketing year low
of just 4.5 million bushels. This led to a gap lower opening and
follow-through selling by both funds and commercials amid speculation
that Friday's supply/demand report will come in bearish both in
supply and demand. The key to tomorrow's supply/demand report will be
how the market reacts to the data. If the data comes in bearish and
the market rallies, it would signal that all of the bearish news has
been factored into prices. If prices fall on bearish news, look for
March corn to try and test weekly support crossing at 2.04 1/4 in the
near future.

March wheat closed higher on Thursday following a solid weekly export
sales report. A surprise announcement of 300,000 metric tonnes of
wheat sold to Egypt, which was not included in this morning's report,
underpinned an early rally. However, weakness in corn and soybeans
largely negated this bullish news, which left March consolidating
above October's high crossing at 3.03. Momentum indicators are
overbought warning traders that a bearish report on Friday could
trigger a round of long-liquidation. Closes above fib resistance
crossing at 3.09 1/2 are needed to confirm this week's breakout above
weekly resistance crossing at 3.04.

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

March soybeans closed sharply lower on Thursday despite a respectable
export sales figure of 21 million bushels this past week. Today's
sell off was triggered by light position squaring ahead of Friday's
supply/demand report and shifting weather forecasts for South
America, which have increased chances for rain across some of the
drier regions of their soybean belt going into the weekend. The
market ignored rumored Chinese demand today as traders are
concentrating on tomorrow's key government report for near-term
direction in the market.

March soybean meal posted an inside day with a lower close on
Thursday due in part to spillover weakness from soybeans along with
today's disappointing export sales report. Today's report showed net
sales of just 4,700 metric tonnes compared with last week's number
approaching 180,000 metric tonnes. Nevertheless, March remained above
broken trendline resistance and below initial fib resistance crossing
at 150. Closes above 150 are needed to open the door for a larger-
degree rebound this winter.

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

February hogs gapped up and closed sharply higher on Thursday due to
aggressive spec. buying amidst optimistic cash fundamentals for the
later part of January. Additional support came from rumbling that
retailers might be increasing February loin bookings. Industry
sources forecasts a 70,000 to 80,000 head run for Saturday slaughter,
which further fueled ideas, that processors are running short of
supplies and might push Friday's cash bids to build inventory.
Today's close above December's broken uptrend line tempered the
near-term bearish outlook in the market and leaves the door open for
additional short covering on Friday.

April cattle posted an inside day on Thursday thereby leaving
Wednesday's key reversal up unconfirmed. This leaves the door open
for sideways trading on Friday. Futures prices continue to run at a
premium to the cash market so we need to see increased slaughter
levels and higher cash bids to support higher futures prices.
Additional pressure came from lower mid-day boxed beef prices. Closes
above Wednesday's high at 74.40 are needed to confirm this week's key
reversal up and confirmation of a breakout of April's trading range
of the past three weeks.

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

March coffee gapped up on the open and closed higher for the third
day in a row. Light profit taking ahead of the close tempered some of
today's gains. However, the door is open for additional strength and
a possible test of November's high crossing at 53.00 later this
month. Momentum indicators remain bullish hinting that we could see
sideways to higher prices into the first half of next week.

March cocoa posted a key reversal down on Thursday after testing
weekly resistance crossing at 1422 in early trading. Additional
weakness on Friday is needed to confirm today's bearish reversal
pattern thereby increasing the odds that a short-term top might be in
or near. Momentum indicators are bullish but overbought warning
bullish traders that closes below broken support crossing at 1365
would greatly increase the odds that a short-term top has been
posted.

March sugar posted an inside day with a lower close as it
consolidated below August's reaction high crossing at 804. I have an
important time turn due today. Closes below this week's gap crossing
at 78 would confirm that the turn marked a short-term top. Momentum
indicators are overbought warning traders that that a short-term top
might be near. If the rally off October's low continues, fib
resistance crossing at 830 is March's next target.

March cotton closed lower on Thursday despite a solid weekly export
sales report. The report showed net sales of 157,500 bales. This led
to a firmer opening however, traders quickly turned sellers as they
positioned themselves ahead of Friday's supply/demand report. March
cotton is range bound and will need to close above 39.80 or below
34.91 to clear up near-term direction in the market.

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I N O   N E W S
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NYBOT Delisting 5-Year Treasury Note Contract
   http://news.ino.com/press/?release=27701
Nasdaq Japan Board Appointing Yoshiro Katsuya As President
   http://news.ino.com/press/?release=27700
Eurex Exchange Council Elects Fischer As Chairman
   http://news.ino.com/press/?release=27699
Deutsche Borse Launches Trend Indicator For Neuer Markt
   http://news.ino.com/press/?release=27698

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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

HOG2   Heating Oil Feb 2002                       0.5533    0.0191  +3.55
XHG2   Lean Hogs Feb 2002                          55.90      1.70  +3.12
OJF2   Orange Juice Froz. Conc. #1 Jan 2002        94.50      2.75  +3.01
LHG2   Lean Hogs Feb 2002                         55.900     1.425  +2.62
SIZ5   Silver Dec 2005                             4.845     0.103  +2.13
RRF2   Rough Rice Jan 2002                         3.850     0.080  +2.12
CLU2   Light Sweet Crude Oil Sep 2002              21.26      0.42  +2.01
HUG2   New York Harbor Unleaded Gasoline Feb 20    0.5896    0.0114  +1.96
ZRH2   U.S. Dollar/South African Rand Mar 2002   11.7310    0.2255  +1.96
GCM2   Gold Jun 2002                               288.7       4.2  +1.47

LOSERS

HGK2   Copper May 2002                            0.7105   -0.0200  -2.78
AFF2   Aluminum Jan 2002                          0.6595   -0.0165  -2.45
BOU2   Soybean Oil Sep 2002                        16.57     -0.35  -2.07
XSF2   Soybeans Jan 2002                         431 1/2    -8 1/2  -1.93
CCH2   Cocoa Mar 2002                               1371       -26  -1.86
SQ2    Soybeans Aug 2002                         440 3/4        -8  -1.78
SBH2   Sugar #11 World Mar 2002                     7.92     -0.14  -1.74
PBN2   Frozen Pork Bellies Jul 2002               76.000    -1.150  -1.49
NGG2   Henry Hub Natural Gas Feb 2002              2.185    -0.033  -1.48
XOK2   Oats May 2002                             181 3/4    -2 1/2  -1.38

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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

MATK   MARTEK BIOSCIENCES                        28.3400    5.5990  +24.69
LKI    LAZARE KAPLAN INTL                           8.25      1.36  +19.74
MEDC   MED-DESIGN CORP                           23.0000    3.5300  +18.04
RBOT   COMPUTER MOTION                            5.2000    0.7600  +17.47
CRUS   CIRRUS LOGIC                              18.0300    2.5800  +16.70
SCE-B  SOUTH'N CAL ED 4.08% PFD                    15.00      2.00  +15.38
BKST   BROOKSTONE INC                            13.0500    1.6900  +14.25
PVTB   PRIVATE BANCORP INC                       23.1000    2.7900  +13.71
ARDI   AT ROAD INC                                5.8300    0.6400  +12.67
RFMD   RF MICRO DEVICES                          19.1700    2.1500  +12.63

LOSERS

BPT    BP PRUDHOE BAY ROYALTY                      12.56     -2.35  -16.03
CRXA   CORIXA CORP                               12.3800   -2.3300  -15.78
FIMG   FISCHER IMAGING                            9.4500   -1.7200  -15.61
NMTC   NUMERICAL TECHNOLOGIES                    31.3500   -4.4400  -12.38
PECS   PEC SOLUTIONS                             36.4000   -5.0100  -12.08
SMMX   SYMYX TECHNOLOGIES                        23.7400   -3.1500  -11.78
CPWM   COST PLUS                                 24.7200   -3.1500  -11.35
CENX   CENTURY ALUMINUM                          13.9200   -1.6500  -11.07
INFY   INFOSYS TECHNOLOGIES ADS                  66.9600   -7.9200  -10.57
ABFI   AMER BUSINESS FINL SVCS                   16.0100   -1.8700  -10.35
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