F R I 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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Friday: The CRB Index is trending higher 2.22 points to 189.51. The
US Dollar Index eased 0.53 points to 119.71.

The Dow Industrials edged lower 12.74 points, at 9907.26, while
the S&P 500 edged lower 8.00 points, last seen at 1122.20. The
Nasdaq Composite retreated 22.78 points to 1911.25.
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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 due to light profit taking ahead
of the weekend as investors chose to digest today's economic data.
Losses were limited as a number of Wall Street firms upgraded
Computer Sciences after the company delivered third-quarter earnings
above expectations. Additional support came from Adobe Systems as its
first quarter earnings were upgraded from 20 cents to 22 cents. The
NASDAQ closed down 22.78 points at 1911.25. The March S&P 500 index
also closed lower on Friday closing down 7.00 points at 1123.40.

The Dow closed slightly lower on Friday as investors took profits
while digesting today's economic data. While unemployment dropped by
0.2%, a closer look at the data showed that there were fewer people
in accounted for in the job market, which distorted today's data.
Technically, today's sell off appears to be a correction of the gains
of the previous two sessions. Losses were limited due to a solid
performance by Walt Disney, which reported first quarter earnings
well ahead of expectations.

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

March T-bonds closed higher on Friday posting a key reversal up to
signal an end to the two-day correction off this week's high. The
stage is set for a possible run at January's high crossing at 104-11
early next week. Much of today's support was due to weakness in the
equity markets after digesting this morning's economic news, which
was less supportive than initially though. Stochastics and the RSI
are turning neutral to bullish with Friday's rally hinting that
sideways to higher prices are possible next week.

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

The CRB index closed sharply higher on Friday supported by strength
in hogs, bellies, precious metals, fiber, some foods and energies.
Today's rally confirmed Thursday's upside reversal and sets the stage
for a test of Monday's high crossing at 190.29. If this minor
resistance level is cleared, January's downtrend line, which
coincides with the 50% retracement level of last month's decline
crossing at 191.18 is the CRB's next target. Short-term momentum
indicators are oversold but turned bullish with today's rally thereby
increasing the odds that a short-term bottom has likely been posted.

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

The energy markets closed sharply higher on Friday in a knee-jerk
reaction to news that Kuwait has lost production of 600,000 barrels
per day due to a fire at its Rawdatian oil field on Thursday.
However, Kuwait indicated that there will be no shortage as oil from
stockpiles will replaced the halted production until its other oil
fields can raise their production to compensate for this loss.

March crude oil posted a new high close for the week on Friday
thereby renewing its rebound off the mid-January low. Momentum
indicators remain bullish signaling that sideways to higher prices
are possible during the first half of February. Additional strength
on Monday is needed to confirm today's breakout above the previous
reaction high. If today's breakout is confirmed the door would be
opened for a possible test of the upper boundary of this winter's
trading range crossing at 22.50 later this month.

March heating oil closed sharply higher on Friday in reaction to the
oilfield explosion in Kuwait on Thursday. Today's close above minor
trading range resistance crossing at 54.30 confirms that a triple
bottom was posted with Wednesday's low while opening the door for
additional short covering during the first half of February.
Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. Longer-term, I am looking for a
possible test of the double top crossing at 59.20.

March unleaded gas closed into new highs for the week on Friday.
Additional strength on Monday is needed to confirm today's breakout
above the previous reaction high crossing at 59.90. Stochastics and
the RSI are bullish signaling that sideways to higher prices are
possible. Longer-term I am looking for a possible test of January's
high crossing at 64.35.

March Henry Hub natural gas closed steady on Friday but remains above
this winter's initial downtrend line crossing near 2.08. Closes above
broken support crossing at 2.155 are needed to confirm this week's
trendline breakout, which would then open the door for a
larger-degree rebound during February. Momentum indicators have
turned bullish signaling that sideways to higher prices are possible
near-term.

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

The March Dollar posted an inside day with a lower close thereby
ending the bounce off Wednesday's low. However, it will take closes
below this week's low crossing at 119.51 and then initial trendline
support crossing at 119.27 to confirm that a short-term top has been
posted. Until then, the door remains open for a possible test of
weekly resistance crossing at 121.29 later this winter. Stochastics
and the RSI are very overbought and turning neutral hinting that a
top is in or near. On the weekly chart the Dollar is forming a
potential double top.

The March Swiss Franc posted an inside day with a higher close due to
light short covering ahead of the weekend as it consolidated some of
this week's losses. Nevertheless, the door remains open for a test of
December's low crossing at .5797 in the near future. The daily ADX is
bearish signaling that additional weakness is possible while momentum
indicators are oversold hinting that a double bottom might be
forming.

The March Canadian Dollar posted an inside day with a lower close on
Friday due to light profit taking ahead of the weekend. Today's sell
off left Thursday's key reversal up unconfirmed. If the rally resumes
next week, fib resistance crossing at .6355 is March's next target.

The March Japanese Yen posted an inside day with a higher close on
Friday due to short covering ahead of the weekend. Until March closes
above last fall's downtrend line and broken support at .7558, the
door remains open for additional weakness near-term. If the decline
continues next week, long-term support crossing at .7371 is March's
next target.

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

February gold closed sharply higher on Friday due to short covering
triggered by weakness in the equity markets and a lower Dollar.
February posted its highest close since January 16th. Profit taking
ahead of the close tempered some of today's gains leaving the door
open for a possible inside day on Monday. However, stochastics and
the RSI have turned bullish signaling that a test of January's double
top at 289.90 is possible in the near future.

March silver closed higher on Friday due to short covering following
Thursday's spike of the 75% retracement level of the November-January
rally crossing at 4.22. Closes above broken support crossing at 4.32
are needed to signal that a short-term bottom has been posted.
Momentum indicators are oversold signaling that additional short
covering is possible early next week.

March copper extended Thursday's rally today spiking above November's
high crossing at 73.70 before light profit taking ahead of the close
trimmed gains. Rising optimism over the countries economic outlook
triggered Thursday's short covering rally, which was exaggerated as
buy stops were triggered on the way up. Momentum indicators have
turned bullish signaling that sideways to higher prices are possible
near-term. If the rally continues during the first half of February,
weekly fib resistance crossing at 76.88 is March's next upside
target.

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

March corn closed lower on Friday as it spiked below weekly support
crossing at 2.04 1/2 amidst a lack of supportive news. If this
long-term support level fails to halt the decline, psychological
support crossing at 2.00 is March's next downside target. Short-term
momentum indicators are bearish but have entered their respective
oversold zones hinting that a low might be near. This suggests that
we could see the February low come early in the month especially if
we get a setback in the U.S. Dollar. With little incentive for
foreign buyers or end users to extend coverage much past 30-days at
least until we get into early spring, prices are likely to drift
sideways to lower ahead of the February supply/demand report.

March wheat closed fractionally higher on Friday as it continues to
consolidate just above minor support crossing at 2.83. If this
support level fails to halt this month's decline, a test of the
December low crossing at 2.77 is likely by early-February. Momentum
indicators are bearish signaling that additional weakness is possible
into early- February. The decline off January's high has seen funds
liquidate their long positions just as the seasonal trends begin to
turn bearish. This leaves the door open for lower prices during
February if funds decide to build a short position in wheat.

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

March soybeans posted an inside day with a lower close on Friday as
it closed out the week consolidating above the 75% retracement level
of January's rally crossing at 4.24 3/4. Lack of supportive news and
early harvest beginning in portions of Northern Brazil erased
Thursday's gains. Momentum indicators are becoming oversold but
remain bearish signaling that additional weakness is possible during
the first half of February. I would not be surprised to see March
soybeans try and test January's low crossing at 4.15 3/4 to post a
possible double bottom on the daily chart before the February low has
likely been posted. The market has largely ignored this week's strong
export pace of U.S. soybeans as it has chosen to focus on the bearish
aspects of another record South American crop. The market dynamics
have changed significantly over the past four years to where end
users and importing countries always have an abundant supply of new
soybeans every six months. This fact alone have shifted their buying
pattern to hand to mouth while giving them little reason to build
much of a weather premium into prices.

March soybean meal posted an inside day with a lower close on Friday
amidst a lack of supportive news. Today's close below minor fib
support has opened the door for a possible test of gap support
crossing at 147.90 possibly next week. Short-term momentum indicators
signal that sideways to lower prices are likely during the first half
of February. I would not rule out the possibility of March meal
testing this winter's low at 142 before the February low is posted
later this month.

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

April hogs closed into new contract highs on Friday amidst steady to
higher cash bids. Today's new contract high confirmed that bulls have
regained control of the market. Additional strength next week could
lead to a test of weekly resistance crossing at 63.60. Short-term
momentum indicators are turning neutral to bullish with today's rally
indicating that we should see one more leg up in this winter's rally.

April cattle gapped down on the open but quickly turned higher and
filled the opening gap after follow-through selling failed to
materialize. However, profit taking ahead of this afternoon's cattle
inventory report pressured the market into the close as April remains
below the 75% retracement level of last year's decline, which crosses
at 76.00. This afternoon's inventory report showed that total
cow/calf inventory was at 99% of year ago levels at 96.7 million
head. The 2001 calf crop came in at 99% of year ago levels at 38.3
million head. This report was inline with pre-report estimates and
should not be a major factor in Monday's trading. If this winter's
rally resumes on Monday and clears fib resistance crossing at 76.00,
the bottom of last summer's trading range crossing at 77.10 is a
potential target later this winter. Momentum indicators are bullish
but diverging warning bulls that a short-term top might be near.
Closes below initial trendline support crossing near 74.40 would
signal that a short-term top has likely been posted.

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

March coffee gapped down on the open due to renewed fund selling.
However, a lack of follow-through selling triggered a short covering
rebound, which led to an upside reversal on the day. Closes above
this week's high at 45.80 would increase the odds that a short-term
bottom might have been posted with today's spike low as momentum
indicators are very oversold.

March cocoa closed slightly higher on Friday in lackluster trading as
it continues to correct more in time than price indicating that
supply/demand fundamental are evenly matched for the time being.
Close above 1422 or below 1260 are needed to confirm a breakout of
this winter's trading range and point the direction of the next
trending move.

March sugar posted an inside day with a lower close on Friday as it
tried to consolidate some of this week's losses and breakout below
November's reaction low crossing at 661. However, the door is open
for a test of last October's low crossing at 611 possibly next week.
Momentum indicators have entered their respective oversold zones but
remain bearish signaling that additional weakness is possible
near-term.

March cotton gapped up and closed sharply higher on Friday as a
higher than expected opening call triggered aggressive early trade
buying. Buy stops above the market were tripped, which exaggerated
today's rebound although a short-term bottom was confirmed by the
rally. Stochastics along with other momentum indicators turned
bullish today signaling that sideways to higher prices are possible
next week. Longer-term the burdensome supplies will likely limit
upside potential to the upper boundary of this winter's trading range
crossing at 39.80.

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I N O   N E W S
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CME Posts Best January Volume On Record, Up 40%
   http://news.ino.com/press/?release=27759
Additional CFTC Relief For Firms Affected By 9/11
   http://news.ino.com/press/?release=27758
CFTC Announces Agency Restructuring
   http://news.ino.com/press/?release=27757
German Stock Exchange Volume Jumps 40% In January
   http://news.ino.com/press/?release=27756
Eurex Off To Good Start -- 65M. Contracts In January
   http://news.ino.com/press/?release=27755
Deutsche Borse And Cedel International Agree Terms
   http://news.ino.com/press/?release=27754

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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

SBN3   Sugar #11 World Jul 2003                     5.99      0.35  +5.88
CTH2   Cotton Mar 2002                             37.45      2.02  +5.69
HUH2   New York Harbor Unleaded Gasoline Mar 20    0.6034    0.0268  +4.67
CLH2   Light Sweet Crude Oil Mar 2002              20.38      0.90  +4.62
AGG2   Silver 1,000 oz. Feb 2002                   4.160     0.159  +3.97
HOJ2   Heating Oil Apr 2002                       0.5552    0.0209  +3.92
PNH2   Propane Mar 2002                           0.2950    0.0100  +3.51
SIU2   Silver Sep 2002                             4.346     0.120  +2.82
YIK2   Mini NY Silver May 2002                     4.360     0.100  +2.35
GIJ2   Goldman Sachs Commodity Index Apr 2002     173.50      3.50  +2.06

LOSERS

NKH2   Nikkei 225 Stock Avg Mar 2002                9700      -265  -2.66
RRH2   Rough Rice Mar 2002                         3.650    -0.075  -2.01
SMK2   Soybean Meal May 2002                       146.1      -2.6  -1.75
CLF3   Light Sweet Crude Oil Jan 2003              21.04     -0.33  -1.61
OK2    Oats May 2002                                 182    -2 3/4  -1.48
HOF3   Heating Oil Jan 2003                       0.6087   -0.0086  -1.45
DBN2   Butter Jul 2002                           139.000    -2.000  -1.42
NDM2   NASDAQ 100 Index Jun 2002                 1542.00    -22.00  -1.41
SEH2   Sugar #14 Domestic Mar 2002                 20.94     -0.25  -1.18
LBX2   Random Length Lumber Nov 2002              276.00     -3.00  -1.08

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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

ENER   ENERGY CONV DEVICES                       23.2700    3.9100  +20.22
UCOMA  UNITED GLOBAL COM INC CL A                 6.1000    0.9400  +18.08
PLUG   PLUG POWER                                11.2000    1.5800  +16.11
ASV    AG SERVICES OF AMERICA                      14.00      1.94  +16.09
EXLT   EXULT INC                                 11.1600    1.5100  +15.60
SIPX   SIPEX CORP                                12.4800    1.7000  +15.38
ESST   ESS TECHNOLOGY INC                        22.8900    2.8900  +14.52
FCEL   FUELCELL ENERGY INC                       18.0800    2.2200  +13.94
STST   SENSYTECH INC                              6.9700    0.8500  +13.89
ERES   ERESEARCH TECH INC                        12.9025    1.5025  +13.18

LOSERS

DYII   DYNACQ INTL                                7.6200   -3.3800  -30.76
LMNX   LUMINEX CORP                              13.0400   -4.2700  -24.85
CYCL   CENTENNIAL COMMUNICATIONS CORP             6.8500   -1.5000  -18.75
CGO    ATLAS AIR WORLDWIDE HLDGS INC               13.72     -2.23  -13.98
WMI    WASTE MANAGEMENT                            25.13     -3.73  -12.94
PIO    POINEER CP ADR                              18.35     -2.64  -12.58
NIPNY  NEC CORP ADR                               7.0100   -0.9400  -12.21
HYTDE  MAXTOR CORP DECS 2002                      6.1000   -0.8100  -12.07
CMIN   COMMONWEALTH INDUSTRIES                    5.1500   -0.6800  -11.72
SE     7-ELEVEN INC                                10.42     -1.35  -11.49
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