W E D N E S D A Y   E X T R E M E   M A R K E T S
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Wednesday: The CRB Index is trending lower 0.45 points to 209.76. The
US Dollar Index moved up 0.56 points to 119.26.

The Dow Industrials moved down 105.60 points, at 11070.24, while
the S&P 500 edged lower 13.54 points, last seen at 1270.03. The
Nasdaq Composite edged lower 15.93 points to 2217.73.

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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 lower on Wednesday due to light profit
taking as both markets consolidated some of their recent gains.
Momentum indicators have turned neutral to slightly bullish hinting
that sideways to higher prices near-term are possible. However, it
will take closes above May's highs to renew this spring's rallies.

The Dow posted an inside day with a lower close on Wednesday due to
light profit taking, which was triggered by comments from
Hewlett-Packard that it sees continued deterioration in the global
economy and that it is cautious on its third- quarter revenue
projections. Closes above 11,350 or below 10,835.40 are needed to
clear up near-term direction in the Dow. Until then, look for
two-sided trading to continue.

INTEREST RATES September bonds posted an inside day with a higher for
the sixth day in a row. Weakness in the equity markets underpinned
September bonds, which remain in a short-term uptrend following last
week's breakout above this spring's downtrend line. The door remains
open for additional gains with the 38% retracement level of this
spring's decline crossing at 101-15 being September's next target.
Momentum indicators are bullish signaling that sideways to higher
prices are possible.

The CRB INDEX closed lower for the third day in a row but remains
above trading range support crossing at 208.43. Weakness in energies,
some foods, precious metals and cattle weighed on the CRB index. A
short covering bounce ahead of the close tempered some of today's
losses leaving the door open for sideways to higher prices near-term.
Closes below 208.43 would confirm a trading range breakout thereby
opening the door for a larger-degree decline during June. Closes
above broken support crossing at 213.20 are needed to temper the
bearish outlook.

ENERGY MARKETS closed lower on Wednesday following the release of
this week's API and DOE inventory reports. Both reports showed
increases in crude, heating oil, and gasoline stocks during the past
week. News that OPEC will keep crude oil production at current levels
and will make up any short fall due to Iraq's decision to halt crude
oil exports weighed on energy prices. The latest AGA inventory data
report for natural gas showed that supplies increased 117 billion
cubic feet during the past week.

July crude oil posted a key reversal down on Wednesday but closed
above the 50% retracement level of the December/May rally crossing at
27.51. Wednesday's mid-range close leaves the door open for sideways
trading on Thursday as a number of momentum indicators have become
oversold hinting that a low might be in or near. Closes below today's
low could lead to an eventual test of April's low crossing at 25.90
later this month.

July heating oil closed lower on Wednesday and posted a key reversal
down. However, a short covering bounce ahead of the close erased much
of today's losses leaving the door open for sideways trading on
Thursday. July tested last week's low, which coincides with the 38%
retracement level of the December/May rally crossing at 75.66.
Multiple closes below these support levels would open the door for
additional weakness during June. Stochastics and RSI are bearish
signaling that additional weakness is possible.

July unleaded gas plunged to new lows for the month following this
week's bearish inventory data reports and closed below this year's
uptrend line and the 50% retracement level crossing at 88.93. If the
decline continues the 62% retracement level of this year's rally
crossing at 85.62 is July's next target. Stochastics and RSI are
bearish signaling that additional weakness is possible.

July Henry Hub natural gas closed lower on Wednesday following
today's bearish AGA inventory report thereby confirming Tuesday's key
reversal down. A short covering bounce ahead of the close tempered
some of today's losses leaving the door open for a possible short
covering bounce on Thursday. Longer-term, the stage is set for
sideways to lower prices into the end of June as seasonal weakness is
likely to continue as stocks build.

CURRENCIES The September Dollar posted a key reversal up on Wednesday
leaving the door open for a possible test of weekly resistance
crossing at 121.50 later this month. Additional strength on Thursday
is needed to confirm today's bullish reversal pattern. The daily ADX
(a trend-following indicator) is bullish signaling that additional
strength is possible.

The September Swiss Franc posted a key reversal down on Wednesday,
erasing all of this week's gains. Additional weakness on Thursday is
needed to confirm today's bearish reversal pattern. Closes below last
week's low at .5564 would renew this spring's decline and set the
stage for a test of weekly support crossing at .5508 later this
month.

The September Canadian Dollar closed higher on Wednesday as it broke
out above trading range resistance crossing at .6541. Light profit
taking ahead of the close tempered some of today's gains leaving the
door open for sideways trading on Thursday. Multiple closes above
.6541 are needed to confirm today's breakout and resumption of this
spring's rally. If the rally continues, the 62% retracement level of
this winter's decline crossing at .6573 is Sept.'s next target.
Momentum indicators are bullish signaling that sideways to higher
prices during the first half of June are possible.

The September Japanese Yen closed lower on Wednesday thereby
confirming yesterday's key reversal down. The mid-range close leaves
the door open for a possible short covering bounce on Thursday
however, momentum indicators are overbought and turning bearish
signaling that a short-term top has likely been posted.

PRECIOUS METALS August gold closed slightly lower on Wednesday as it
continues to consolidate around the 75% retracement level of this
spring's rally crossing at 267.20. Closes above 269.60 or below
265.50 are needed to clear up near-term direction in the market. If
the decline resumes, the reaction low crossing at 263.20 is August's
next target.

July silver closed slightly lower in narrow trading, as the door
remains open for a test of trading range support crossing at 4.31
cents. Momentum indicators are bearish signaling that a trading range
breakout is possible in the near future. Closes below 4.31 would open
the door for a possible test of weekly support crossing at 4.15 later
this month.

July copper posted a downside reversal on Wednesday hinting that this
week's short covering bounce may have come to an end. However, it
will take closes below Monday's low crossing at 74.55 to renew the
decline off May's high thereby opening the door for a test of weekly
support crossing at 74.10 later this month.

GRAINS July corn posted an upside reversal on Wednesday due to
expectations that next week's crop conditions report will show
further deterioration in the corn crop due to cool/wet conditions.
Extended weather forecast are calling for warmer weather by the
weekend or early next week however, additional rain is also in the
forecast, which will continue to delay the last of the soybeans to be
planted. Additional gains on Thursday are needed to confirm today's
bullish reversal pattern. Closes above minor resistance at $2.00 is
needed to open the door for a possible test of May's high at 2.11 1/2
later this month.

July wheat closed higher on Wednesday due to technical short
covering. Early weakness was tied to so called harvest pressure as
combines have moved into southern Oklahoma. Early weakness tested the
contract low at 2.58 1/2 before short covering materialized.
Additional support came from spillover strength in soybeans and meal.
While another day or two of short covering is possible, the door
remains open for additional weakness during June. Closes below
today's low would renew this spring's decline and open the door for a
test of long-term support crossing at 2.50 later this month.

SOYBEAN COMPLEX July soybeans closed higher on Wednesday due to mixed
extended weather forecast. Those forecast are calling for warmer
temps across the Midwest by the weekend however, there is also plenty
of rain in the forecast, which will keep Midwest bean fields soggy
and limit completion of spring planting. Additional support stemmed
from talk of new Chinese soybean buying for August delivery. Today's
new high close for the month confirmed the recent trading range
breakout thereby opening the door for a possible test of March's high
crossing at 4.77 1/2 later this month.

July soybean meal posted a key reversal up and closed above May's at
168 to renew this spring's rally and tested the 62% retracement level
crossing at 169.40. Momentum indicators have turned bullish with
today's gains signaling that additional short-term gains are
possible. If the rally continues, fib resistance crossing at 175.40
is July's next target. Basis levels remain strong due to strong
foreign and domestic demand and slow producer selling of soybeans.

LIVESTOCK August hogs closed unchanged as a short covering bounce
ahead of the close erased early losses. If the rally resumes, April's
high crossing at 65.95 is August's next target. Closes below last
week's gap at 64.00 would strongly suggest that a short-term top has
been posted. Momentum indicators remain bullish but are entering
their respective overbought zones warning bulls to use caution as a
short- term top might be near.

August cattle closed lower on Wednesday and in doing so turned a
number of momentum indicators bearish from overbought levels
signaling that a broad double top with January's high might be in
place. Today's sell off was triggered by a growing sentiment that a
seasonal break is underway. Talk of sagging boxed beef and cash
markets also weighed on prices. Some traders suggested that packers
would either have to cut kills or hold off buying large numbers of
cattle in the cash market to make up for recent profit margin
reductions.

FOOD & FIBER July coffee closed lower on Wednesday due in large part
to a lack of short covering buying and forecasts calling for mild
weather in Brazil's coffee growing region this weekend. Momentum
indicators are oversold hinting that a short-term low is in place or
near. Closes above 60.80 are needed to temper the near-term bearish
outlook in the market.

July cocoa posted a quiet inside day with a lower close as it
consolidated some of this week's short covering gains. July remains
below broken trading range support crossing at 955 leaving the door
open for sideways to lower trading if Monday's low is exceeded.
However, momentum indicators are becoming oversold warning bears to
use caution when pressing the short side of the market.

July sugar posted a key reversal down on Wednesday hinting that the
short covering bounce off last week's double bottom might have come
to an end. Additional weakness on Thursday is needed to confirm
today's bearish reversal pattern. Momentum indicators are bearish
signaling that a resumption of May's decline is possible. If the
decline resumes, fib support crossing at 832 then 808 are targets.

July cotton closed higher on Wednesday keeping the short covering
bounce off last week's low alive for the time being. However, July
needs to close above this year's downtrend line crossing near 43.95
to confirm that a bottom and trend change has taken place. Momentum
indicators are neutral to bullish signaling that sideways to higher
prices near-term are possible.

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T O P   N E W S
_____________________________________________________________________

STOCKS

Japan Stocks Review: Nikkei -0.05% despite earlier gains
   http://news.ino.com/summary/?id=25653
Add2: US Equities Review: Lower after H-P, JP Morgan warn
   http://news.ino.com/summary/?id=25651
UK Stocks Review: FTSE-100 falls as Vodafone, oils offset banks
   http://news.ino.com/summary/?id=25659

FOREX

US FX Review: Sterling hits 15 1/2-year low on EMU fears
   http://news.ino.com/summary/?id=25655
Asia FX Review: JPY offered against USD and EUR by US names
   http://news.ino.com/summary/?id=25652
Europe FX Review: Sterling hits 7-month low on EMU entry talk
   http://news.ino.com/summary/?id=25654

CREDIT

US Credit Review: Little changed; some relief on Meyer remarks
   http://news.ino.com/summary/?id=25650
Europe Credit Review: Mkt falls despite signs of econ weakness
   http://news.ino.com/summary/?id=25656
Japan Credit Review: June falls on profit-taking, weak longer cash
   http://news.ino.com/summary/?id=25658

COMMODITIES

US Futures Summary: Energy, coffee backtrack; soybeans climb
   http://news.ino.com/summary/?id=25657

EXCHANGES

PCX To Trade AFC Enterprises, Corrects Symbol  for Canius
   http://news.ino.com/press/?release=24525
David Lester Appointed C.I.O. Of London Stock Exchange
   http://news.ino.com/press/?release=24524
CFTC Charges Los Angeles Commodity Firm With Fraud
   http://news.ino.com/press/?release=24523
U.S. May Options Volume Up 26.3 Percent Over 2000
   http://news.ino.com/press/?release=24522
Eurex Extends Trading Hours For Swiss Derivatives
   http://news.ino.com/press/?release=24521

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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

CTN1   Cotton Jul 2001                             42.03      1.12  +2.73
SMN1   Soybean Meal Jul 2001                       169.2       3.6  +2.17
XEN1   Soybean Meal Jul 2001                       169.2       3.6  +2.17
DBV1   Butter Oct 2001                           190.000     4.000  +2.15
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256    2 1/32  +2.00
SN1    Soybeans Jul 2001                         461 1/2     8 1/4  +1.82
XCN1   Corn Jul 2001                             198 1/2     3 1/2  +1.79
MXM1   IPC Stock Index Jun 2001                  6811.00    119.00  +1.78
XSN1   Soybeans Jul 2001                         461 1/2         8  +1.77
CX1    Corn Nov 2001                                 214     3 1/4  +1.54

LOSERS

PNN1   Propane Jul 2001                           0.4800   -0.0205  -4.12
LBX1   Random Length Lumber Nov 2001              292.80    -10.00  -3.30
HUN1   New York Harbor Unleaded Gasoline Jul 20    0.8804   -0.0279  -3.08
NGK2   Henry Hub Natural Gas May 2002              3.710    -0.097  -2.57
KCN1   Coffee 'C' Jul 2001                         58.40     -1.20  -2.01
CLN1   Light Sweet Crude Oil Jul 2001              27.72     -0.53  -1.88
XPM1   British Pound Jun 2001                     1.3906   -0.0210  -1.49
NDZ1   NASDAQ 100 Index Dec 2001                 1949.00    -29.00  -1.48
PAU1   Palladium Sep 2001                         625.00     -9.20  -1.45
BPU1   British Pound Sep 2001                     1.3862   -0.0202  -1.44
____________________________________________________________________________

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

ULAB   UNILAB CORPORATION                          23.00      6.92  +43.25
PCLN   PRICELINE.COM INC                            7.06      1.63  +29.91
IPIC   INTERNEURON PHARMACEUTICALS                  8.85      1.96  +28.41
EMEX   EMEX CORP                                    9.58      2.00  +26.32
IMMR   IMMERSION CORP                               6.05      1.08  +22.09
HLYW   HOLLYWOOD ENTERTAINMENT                      7.40      1.31  +21.83
CWON   CHOICE ONE COMMUNIC                          6.68      1.19  +21.25
DLIA   DELIA'S CORPORATION CL A                     5.57      0.97  +21.18
FMKT   FREEMARKETS INC                             14.55      2.38  +19.48
CTXS   CITRIX SYSTEMS                              27.96      4.22  +17.80

LOSERS

CHCOP  CITY HOLDING CAPITAL TR II                  19.00     -5.39  -23.81
GGNS   GENUS INC                                    5.76     -1.07  -15.67
CLKB   CLARK/BARDES INC                            20.49     -3.73  -15.46
URBN   URBAN OUTFITTERS                            12.58     -2.09  -13.99
ATSN   ARTESYN TECHNOLOGIES                        13.31     -2.14  -13.93
RML    RUSSELL CORP                                15.86     -2.50  -13.59
TUES   TUESDAY MORNING CORP                        11.69     -1.73  -12.86
CGA    CORUS GROUP PLC                              8.93     -1.16  -11.50
RARE   RARE HOSPITALITY INTL                       20.95     -2.67  -11.29
ACI    ARCH COAL                                   27.00     -3.31  -10.96

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