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Friday: The CRB Index is lower 0.64 points to 194.39. The
US Dollar Index moved down 0.26 points to 116.62.

The Dow Industrials declined 80.61 points, at 9987.53, while
the S&P 500 slipped 10.95 points, last seen at 1145.60. The
Nasdaq Composite slipped 24.78 points to 2022.46.
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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 lower on Friday amidst bearish comments about
the economy by Fed Chairman Alan Greenspan. The NASDAQ posted a key
reversal down on Friday thereby setting the stage for a likely test
of the September-January uptrend line crossing near 2000 possibly on
Monday. Closes below this support level would open the door for
additional weakness and possible test of December's low crossing at
1918.50 later this winter. Momentum indicators are turning bearish
with today's loss increasing the odds that a short- term top has been
posted. The NASDAQ closed down 24.78 points at 2022.46. The March S&P
500 index posted a key reversal down and closed below the Dec./Jan.
uptrend line crossing near 1148.70. Closes below last week's low at
1136.50 would confirm that a double top has been posted. Momentum
indicators are bearish signaling that additional weakness is possible
into the later part of January.

The Dow closed lower on Friday and below the Dec./Jan. uptrend line
crossing near 10,045 thereby confirming that a short-term top has
likely been posted. Closes below last week's low crossing at 9935.70
would open the door for a larger-degree decline into the later part
of January. Momentum indicators have turned bearish signaling that
sideways to lower prices are possible.

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

March T-bonds closed higher on Friday confirming Thursday's breakout
above this winter's trading range. Today's rally was underpinned by
December's unexpected drop in the Producer Price Index number, which
was off 0.7%, the largest decline in 15 year. Additional support came
from indications by Fed Chairman Alan Greenspan that we could see
another interest rate cut in the first quarter of this year.
Stochastics are bullish signaling that sideways to higher prices are
possible near-term. The door is open for a possible test of
December's reaction high crossing at 105-06 in the near future.

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

The CRB index closed lower on Friday due to weakness in cattle,
fiber, foods and energies. Losses were limited due to renewed
strength in the grain markets with the CRB index challenging the
broken weekly downtrend line. Closes below this broken resistance
level would signal at the very least a pause in the rally off last
October's low. The daily ADX (a trend-following indicator) is in a
bullish mode signaling that sideways to higher prices are possible if
the CRB can close above Wednesday's high at 195.97.

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

The energy markets closed lower on Friday as weak demand and concerns
that compliance with OPEC's recently announce production cuts will be
poor continues to weigh on prices. Additional pressure came from
heating oil, which has been under pressure due to weak demand caused
by this winter's mild temps.

February crude oil closed into new lows for the week on Friday as it
extended this week's breakout below December's broken uptrend line.
The door is open for additional weakness into the later part of
January with the Nov.-Dec. uptrend line crossing near 19.27 being the
next likely target. Closes below this support level would open the
door for a possible test of last year's lows later this winter.
Stochastics and the RSI are bearish signaling that additional
weakness is still possible near-term.

February heating oil closed lower on Friday thereby confirming this
week's breakout below last week's bear flag formation. The low-range
close leaves the door open for additional weakness on Monday as a
test of December's low crossing at 50.70 is a likely target later
this month. Stochastics and the RSI remain bearish signaling
additional weakness is possible near-term.

February unleaded gas plunged to new lows for the week on Friday and
is challenging last week's low crossing at 57.20. Closes below this
support level would open the door for a larger-degree decline into
the later part of January with the Nov.-Dec. uptrend line crossing
near 53.90 being a potential target. Stochastics and the RSI are
bearish signaling that additional weakness appears likely.

February Henry Hub natural gas posted an inside day with a slightly
higher close on Friday as it consolidates 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.
Extended weather forecast both in the U.S. and across Europe remain
bearish as mild temps this winter continue to weigh on prices. The
daily ADX remains in a bearish mode signaling that additional
weakness appears likely into late-January.

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

The March Dollar closed lower on Friday as it extended this week's
setback off Wednesday's high. The late week setback has turned
stochastics and the RSI bearish again hinting that March might try
and test this year's uptrend line crossing near 116.81 before the
setback off Wednesday's high is complete. 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 posted an inside day with a higher close on
Friday as it rebounded of the 38% retracement level of the
late-December rally. Closes above initial trendline resistance
crossing near .6055 would confirm a bottom and likely resumption of
December's rally.

The March Canadian Dollar closed modestly higher on Friday as it
continues to form a base off this winter's low at .6230. Closes above
the reaction high crossing at .6290 or below .6230 are needed to
clear up near-term direction in the market. Momentum indicators are
oversold but have not confirmed that a bottom is in place.

The March Japanese Yen closed higher or the second day in a row on
Friday and is challenging the fall downtrend line. The daily ADX is
above 60 and turning down for the second time this week thereby
increasing the odds that a short-term top has likely been posted.
Closes above Monday's high at .7696 are needed to confirm a trendline
breakout and bottom. Closes below monthly support crossing at .7558
would 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 higher on Friday and just 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 becoming 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 slightly lower on Friday falling just short of
October's high crossing at 4.74. The ADX (a trend- following
indicator) is bullish however, it is well above the +DI and above 40
indicating that the rally off last fall's low is reaching maturity.
If October's high at 4.74 is cleared, last September's high at 4.795
is a potential target later this winter.

March copper posted an upside reversal on Friday due to a short
covering rebound ahead of the close. Additional strength on Monday is
needed to signal that March is poised to renew this year's rally.
Closes above 72.40 would set the stage for a test of November's high
crossing at 73.70 later this month. Stochastics remains 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 gapped up and closed higher on Friday following today's
friendly crop production and supply/demand reports. The USDA's final
corn crop estimate came in at 9.507 billion bushels versus 9.546
billion last month. Ending stocks were estimated at 1.541 billion
bushels versus 1.569 billion in December. December 1st corn stocks
came in at 8.264 billion bushels while the trade was expecting to see
8.326 billion bushels. Ending stocks for last December were 8.518
billion bushels. The combination of lower corn production and lower
ending stocks supported today's rally as it appears that March's
decline off its December high has fully discounted all of the known
bearish news in the market at this time. Session highs fell short of
testing December's downtrend line crossing near 2.14 1/4. Today's
mid-range close leaves the door open for sideways trading on Monday.
Closes above the aforementioned downtrend line would confirm a bottom
and trend change.

March wheat posted a key reversal up and closed above the upper
boundary of the weekly trading range crossing at 3.04. Closes above
fib resistance crossing at 3.09 1/2 would open the door for a likely
test of last July's high crossing at 3.20 later this winter. Today's
rally was triggered by this morning's bullish winter wheat planting
report. The USDA estimated winter wheat seeding at 41.031 million
acres. The trade was expecting 41.877 million acres. This is the
lowest total winter wheat seeding since 1971 and 47,000 acres below
last year's level. Nobody expected a drop in winter wheat seeding
from year-ago levels, which has caught the market off guard. This
will make early season crop concerns just that much more important.
December 1st wheat stocks were pegged at 1.623 billion bushels, which
was on target with trade guesses.

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

March soybeans gapped up and closed sharply higher on Friday
following this morning's friendly USDA crop production and
supply/demand reports. The USDA estimated 2001's bean crop at 2.891
billion bushels compared with 2.924 billion in December. Ending
stocks came in at 285 million bushels down from 330 in December.
December 1st stocks were pegged at 2.276 billion bushels compared
with trade guesses of 2.333 billion bushels. Today's reports confirm
what everyone already knows. Demand remains very strong for U.S.
soybeans, which is up 7% from year ago levels. South America's
soybean crop estimates came in at 42.5 million metric tonnes for
Brazil and 28.75 million metric tonnes for Argentina, which was
inline with trade expectations. Today's new high close for the week
confirmed Wednesday's breakout above last fall's downtrend line and
opens the door for a possible test of November's high crossing at
4.57 1/2 later this winter.

March soybean meal gapped above initial fib resistance crossing at
150 and closed sharply higher on the day following this morning's
friendly USDA reports for soybeans and meal. Today's high fell just
short of testing the 38% retracement level of the July/January
decline, which crosses at 155. Today's high-range close leaves the
door open for follow-through buying in early trading on Monday.
Momentum indicators have turned bullish signaling that additional
gains are possible near-term.

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

April hogs closed higher on Friday due to talk of steady to higher
cash bids on Monday and a positive product price outlook. Session
highs fell just short of testing key weekly resistance crossing at
61.13. Momentum indicators are overbought while the daily ADX is
bullish signaling that sideways to higher prices are possible
near-term. Closes below this week's gap crossing at 59.52 would
greatly increase the odds that a short-term top has been posted.

April cattle closed lower on Friday amidst a lack of cash trading and
lower midday boxed beef prices. Today's close below Wednesday's low
negated this week's key reversal up and leaves the door open for
sideways to lower prices on Monday with today's mid-range close.
Momentum indicators are very overbought and turning bearish with
today's action thereby increasing the odds that a short-term top is
in or near.

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

March coffee opened lower and remained under pressure through out the
session due to light profit taking ahead of the weekend. Increased
cash movement and producer hedging as the harvest in Vietnam and
Central America expands also weighed on prices. Losses were somewhat
exaggerated as stop losses were triggered below today's low. However,
March failed to fill Wednesday's gap at 48.75 leaving the door open
for a possible run at November's high of 53.00 next week.

March cocoa closed lower on Friday and below broken resistance
crossing at 1365 thereby confirming Thursday's key reversal down.
Closes below trendline support crossing near 1350 are needed to
confirm a top has likely been posted. Momentum indicators are
overbought warning bullish traders that a top is in or near. I would
not be surprised to see a short covering bounce on Monday.

March sugar closed lower on Friday due to profit taking and closed
below this week's gap crossing at 780 and the Dec.- Jan. uptrend line
thereby increasing the odds that Thursday's time turn marked a
short-term top. Momentum indicators are overbought and are turning
bearish with Friday's loss thereby increasing the odds that a top is
in or near.

March cotton closed lower on Friday following this morning's USDA
report. The report showed last year's cotton crop at 20.084 million
bales compared with December's estimate of 20.06 million bales.
Ending stocks came in at 8.6 million bales compared with 8.4 million
bales in December. World ending stocks rose from 43.51 to 44.08
million bales. March cotton remains range bound and needs to close
above 39.80 or below 34.90 to confirm a breakout of this winter's
trading range. Until then look for back and fill type trading to
continue.

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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

SMF2   Soybean Meal Jan 2002                       161.5       8.4  +5.49
XEH2   Soybean Meal Mar 2002                       154.4         7  +4.75
XSF2   Soybeans Jan 2002                             445    12 1/4  +2.83
SF2    Soybeans Jan 2002                             445    11 1/4  +2.60
XWN2   Wheat Jul 2002                            301 1/4     6 1/2  +2.20
XCH2   Corn Mar 2002                             212 3/4         4  +1.92
WN2    Wheat Jul 2002                                301     5 1/2  +1.86
DBU2   Butter Sep 2002                           152.000     2.750  +1.83
CH2    Corn Mar 2002                             212 1/2     3 3/4  +1.80
PNJ2   Propane Apr 2002                           0.2900    0.0050  +1.74

LOSERS

CLF3   Light Sweet Crude Oil Jan 2003              20.86     -1.04  -4.89
QLH2   Central Appalachian Coal Mar 2002           27.00     -1.00  -3.57
KCH2   Coffee 'C' Mar 2002                         49.55     -1.80  -3.51
HOH2   Heating Oil Mar 2002                       0.5472   -0.0169  -3.02
HUG2   New York Harbor Unleaded Gasoline Feb 20    0.5731   -0.0156  -2.65
SBH2   Sugar #11 World Mar 2002                     7.76     -0.18  -2.27
XOH2   Oats Mar 2002                             195 3/4    -3 3/4  -1.92
NDM2   NASDAQ 100 Index Jun 2002                 1654.50    -30.00  -1.79
NKU2   Nikkei 225 Stock Avg Sep 2002               10450      -190  -1.79
LBF2   Random Length Lumber Jan 2002              238.50     -3.90  -1.61

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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

PLSK   PULASKI BANCORP INC                       32.2200    7.6500  +31.10
CVST   COVISTA COMM INC                           7.5000    1.3200  +19.91
LIBB   LIBERTY BANCORP                           15.8000    2.5000  +18.52
MTRX   MATRIX SERVICE                             8.0000    1.1988  +17.76
SNCI   SONIC INNOVATIONS                          5.0300    0.7600  +17.67
ONDI   ONTRACK DATA INTL                          8.2400    1.1700  +16.71
VISG   VISAGE TECHNOLOGY INC                      8.9000    1.2200  +15.89
VERS   VERSICOR INC                              24.1600    3.1004  +14.59
OTEC   ORATEC INTERVENTIONS                       7.9300    0.9600  +14.04
GERN   GERON CORP                                10.1500    1.1500  +12.76

LOSERS

CREE   CREE INC                                  23.6000   -7.3100  -23.85
KM-T   K MART FINANCING I 7.75% PFD                16.22     -4.89  -23.01
JPST   JPS INDUSTRIES INC                         5.1100   -0.8300  -16.24
DAGR   GREEN(DANIEL) CO                           6.0000   -0.9500  -15.83
NEOL   NEOPHARM INC                              20.0500   -3.6800  -15.79
GISX   GLOBAL IMAGING SYS                        18.0000   -3.1800  -15.22
PRTN   PROTON ENERGY SYS                          7.6500   -1.1900  -13.69
HYGS   HYDROGENICS CORP                           7.8300   -1.0400  -11.83
TOO    TOO INC                                     25.55     -3.30  -11.52
HDTV   SPATIALIGHT INC                            7.2300   -0.9100  -11.38
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