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 higher 0.32 points to 214.88. The
US Dollar Index moved higher by 0.38 points to 116.37.

The Dow Industrials climbed 43.66 points, at 10910.44, while
the S&P 500 trended lower by 0.36 points, last seen at 1255.18. The
Nasdaq Composite moved down 27.76 points to 2128.87.

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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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June Nasdaq futures weaker today. Prices are trading sideways but are
still within striking distance of the April high of 1995. Sideways
trading the past week has negated a fledgling four-week-old uptrend
on the daily bar chart. Bulls still have some heavy lifting to do and
their next upside objective is resistance at the key 2,000 area.
First support is seen at the 1,732 area.

June S&P 500 futures closed firmer today. Prices have leveled off the
past week, after rallying solidly off the early-April low.
Technically, bulls still need to push prices above the 1285
resistance area. My bias is still that any recovery in the stock
market and the stock indexes won't be dramatic, but a slower grind
higher, with fits and starts. First resistance is seen at 1285.00.
First support is seen at 1206.00.

LIVESTOCK: June live cattle closed $0.28 higher at 70.25 today.
Prices scored a consolidative "inside" day on the daily bar chart
today. On Wednesday, prices gapped sharply lower and hit a fresh
eight-month low. Reports that cash cattle traded $1.00 lower this
week sent the futures market tumbling. The June futures are still
overextended on the downside, technically, on a short-term basis. The
bears are in full control of the market. Prices are trading way below
an accelerating two-month-old downtrend line on the daily bar chart.
Next support, basis June, is seen at $69.82--Wednesday's low. First
resistance comes in at the $70.50 level.

August feeder cattle closed up 53 cents today at $80.00. Prices also
posted a corrective rebound after the sharp losses Wednesday. Recent
history continues to play out, as the market bounced up from the
losses of the past two days. But if prices break down below the
bottom of the recent trading range, which is right at Wednesday's low
of $87.40, then the door is opened to a lower trend down to the
January low just above the $86.00 level. Next resistance is seen at
$88.30. First support is seen at $87.40.

June lean hogs closed firmer today. The bears still have the momentum
on their side at present. Next support lies at $67.00--today's low.
First resistance is located at the 69.00 level.

GRAINS: July corn futures closed 6 3/4 cents lower at $1.98 1/4
today. A bearish USDA report indicating large carryover stocks of
corn pushed prices lower today. Prices closed near the session low,
after gapping sharply lower on the daily bar chart. Prices were under
pressure earlier this week after weekly crop progress reports showed
good corn-planting progress in the U.S. The past 25 years of chart
history shows nearby corn futures prices do not stay below $2.00 very
long. However, the shorter-term technicals are very bearish at
present, and would-be bottom pickers don't want to stand in front of
a freight train. Next support is now seen at $1.95. Next resistance
is seen at today's high of $2.03.

July soybeans closed 4 1/2 cents lower at $4.35 today. Prices closed
near the session low amid a bearish USDA report released this
morning. The bearish report did put pressure on the market, but not
the strong pressure corn saw. Traders have factored much of the
bearish news into the soybean market. Odds are lessening that a minor
bull flag could be forming on the daily bar chart. Bears still have
the solid advantage. Fundamentally, there is not much in the way of
good news for bulls right now. I would not be surprised to see the
commodity funds make another downside push in beans in the near term.
It's going to take a significant weather scare this spring or summer
to force prices solidly higher. First resistance is seen at the $4.45
area and then $4.50. First support is seen at $4.30.

July soybean meal closed off $1.80 at $154.50 today. Prices did not
put in that bad of a performance today, given the bearish USDA
report. Prices this week are consolidating after they pushed to a
fresh eight-week high last Friday. Recent price action is still
encouraging to the bulls and is one sign the lows are in place in the
meal market. Next resistance comes in at the $158.50 area. First
support is seen at $154.00.

July bean oil closed 6 points lower at 14.77 cents today. Prices
scored a fresh contract low today of 14.75 cents. Oil is technically
weaker than beans or meal right now. But I would be surprised if
there is much downside left in oil. Next resistance comes in at 15.00
cents. Next support is seen at 14.50 cents.

July Chicago wheat closed 2 3/4 cents higher at $2.68 1/2 today. A
bullish USDA report boosted wheat higher, but prices did back off
from the highs and close near the session low, due mostly to the
weakness in corn and soybeans. Prices just Wednesday touched the
contract low of $2.65. If prices can post a strong bounce in the next
couple sessions, a double-bottom reversal pattern could be forming on
the daily bar chart. Bears are in command. Serious technical damage
has occurred the past few sessions. First support lies at the
contract low of $2.65. Next resistance is seen at $2.73--today's
high.

K.C. July HRW wheat closed up 5 cents at $3.27 1/4 today. A bullish
USDA wheat production figure today boosted HRW. Prices gapped higher
on the daily bar chart, but backed well off the highs by the close.
It will be important for bulls to show some follow-through strength
on Friday. Serious chart damage has been inflicted the past few
sessions and bears still rule. For bulls to get back in the ballgame,
they need to push prices north and fill the downside gap on the daily
bar chart (created last week) by pushing prices to the $3.34 area.
That's a tall order right now. Next resistance is seen at the $3.31
level-- today's high. Next support is seen at $3.21 1/2.

SOFTS: July N.Y. sugar closed 6 points higher at 9.06 cents today. We
now could see a minor bullish pennant forming in sugar, on the daily
bar chart. This many times occurs as prices consolidate steep gains.
A three-month high was scored in July sugar late last week. The bulls
have good momentum and a steep and accelerating six-week-old uptrend
line is still in place on the daily bar chart. Next resistance now
comes in at 9.25 cents. First support is now seen at 8.80 cents.

July N.Y. coffee closed 65 points higher at 68.55 cents today. Prices
closed near the session high. The bulls have gained momentum of late.
This recent upmove is the most significant showing by the bulls since
mid-January. The fact that prices have not sold off sharply the past
few sessions is encouraging for the bulls, too--given recent price
history. Still, the bears could be setting a trap, like they did in
early January. If bulls can push prices above 70 cents and then see
follow-through strength, bears will begin to think this uptrend is
sustainable. First resistance comes in at 70 cents. First support is
seen 65.00 cents.

July N.Y. cocoa closed $28 higher today, at $1,050. Prices today
matched the six-week high scored yesterday, and finished close to the
session high. Tuesday's strong gap-higher trade on the daily bar
chart put the bulls back on a level playing field with the bears. If
prices can push higher Friday, bulls will have the edge. Prices this
week pushed above and negated a 2.5-month-old downtrend line on the
daily bar chart. Next resistance comes in at $1,060. First support is
now seen at $1,025.

July cotton closed 60 points lower at 44.83 cents today. Prices
scored a new contract low in the wake of a bearish USDA report.
However, most traders did expect the bearish figures in the
report--namely high carryover stocks. Cotton is presently in a strong
bear market. Right now, any rebounds are likely to be just selling
opportunities for the bears. But, my bias is still that we are not
that far from a bottoming process. Next support lies at 44.00 cents.
First resistance is seen around 47.00 cents. Would-be bottom-pickers
should beware.

July orange juice futures closed 80 points higher today, at 79.50
cents. Prices closed near the session high again today after
Wednesday pushing higher and filling an important downside gap area
on the daily bar chart. Today's USDA report was termed mostly neutral
by the trade. Bulls are gaining confidence after the past two days'
action. Next resistance is now seen at 80.00 cents. Next support
comes in at 78.00 cents.

METALS: June COMEX gold closed off $0.90 today, at $269.50. Prices
corrected a bit today after Wednesday's strong gains that pushed
prices to a two-month high. This market is in a nice uptrend since
scoring its early-April low. This week's type of price action is what
bulls needed to gain confidence to trek farther north on the chart.
Next resistance is located at $273. First support is seen at $268.00.

July silver closed down $0.065 today, at $4.35 an ounce. Prices sold
off sharply today after rallying sharply Wednesday. This should not
surprise many. Silver prices are still not that far above the
contract low. Prices are chopping at lower levels, and this suggests
a "basing" action that many markets need to change the trend from
down, to sideways, to eventually up. Next support is seen at $4.30.
First resistance is seen at $4.425. Bears still have the advantage.

July N.Y. copper closed 40 points lower today, at 75.95 cents. Prices
today matched the contract low scored in early April. The stock
market and the U.S. economy will have to be healthy before the bulls
can really get something going in copper. Next resistance is seen at
77.00 cents. Next support is seen at 75.00 cents.

ENERGIES: July crude closed $0.12 higher at $29.06 today. Prices
closed well off the high of $29.43. Bulls and bears are still at a
stand-off, but bull will gain the edge on a move above $29.50. Expect
more choppy trading. Next support is seen at 28.00. Next resistance
lies at $29.50.

July heating oil closed 5 points higher today, at .7715. Bulls still
have the slight edge. Look for more choppy trading in the near
future. Next support is seen at 75.00 cents. Next resistance is seen
at 79.00 cents.

July unleaded gasoline closed 29 points lower at 1.0040 today. Prices
scored a new contract high just Monday. Bulls are still in command as
peak driving season nears. Top-pickers beware! Next resistance is
seen at $1.03. First support is seen at $.9780.

July natural gas closed 13.7 cents higher at $4.41 today. After,
prices hit a fresh five-and-one-half-month Wednesday, we saw a
corrective bounce today. Next support is seen at $4.20 and first
resistance is at $4.50. This market is still short-term oversold,
technically.

FINANCIALS, CURRENCIES: The June Euro currency closed 32 points lower
at .8812 today. Prices scored a bearish "outside day" down today and
pushed to a fresh four-week low. Bears have the edge. The European
Central Bank (ECB) cut interest rates today, which initially boosted
the Euro, but those gains were short-lived. My bias is still that
there is not much downside left in the Euro. Look for more choppy
action in the near term. Next support is now seen at .8750. Next
resistance is seen at .8900.

The June Japanese yen closed 33 points lower at .8190 today. Bears
are in control. Bulls are hoping for some "basing" activity at lower
levels, and that may be occurring, although it's too early to tell.
Next support now lies at the .8100 level. First resistance is seen at
the .8326 level.

The June Swiss franc closed 3 points lower at .5744. Bears are in
command as prices scored a bearish "outside day" down on the daily
bar chart today. Prices pushed to a fresh four-week low today. Still,
my bias is that prices won't deteriorate much more. Next support is
seen at the .5700 level. First resistance comes in at the .5800
level.

The June Australian dollar futures closed unchanged at .5234 today.
Prices pushed to another fresh two-month high today. The bulls have
the advantage as a six-week-old uptrend line is in place on the daily
bar chart. First resistance is now seen at .5300. First support is
now seen at .5200.

The June Canadian dollar closed 20 points lower today, at .6478.
Monday's key reversal does not indicate prices are headed back toward
the lows seen a few weeks ago. What it does suggest is a downside
correction to the recent gains may occur over the near term. Bulls
still have the slight edge, on a short-term basis. This currency had
been near recent historic lows and I do not think there is much more
downside. Next resistance is seen at the .6548 level. First support
is seen at the .6450 level.

The June British pound closed 18 points higher at 1.4218. Trading
continues choppy at lower levels. This currency was not that far
above recent historic lows and I do not think there is much more
downside in the sterling. One could argue that price action the past
few weeks has been a "basing" before prices eventually turn north. A
move above the 1.4500 level would be considered a bullish "upside
breakout" from the recent congestion area. A move below 1.4100 would
be considered a bearish downside breakout. Next support is now seen
at the 1.4160 level. Next resistance comes in at the 1.4300 level.

The June U.S. dollar index closed 30 points higher at 116.52 today.
Prices scored a bullish "outside day" up on the daily bar chart, and
pushed to a fresh four-week high. Bulls have the momentum in the near
term. Next resistance lies at the 117.00 level. First support is seen
at the 115.50 area. My bias is still that a near-term top is in place
in the dollar index, but if prices push above the 117.00 area in the
near term, odds increase that a new high will be scored.

June U.S. T-bonds closed 1 6/32 lower today at 101 1/32. Bulls today
lost most of the momentum they had gained last week. A surprise
interest rate cut by the European Central Bank pressured the U.S.
debt market. See more on the bond market in this evening's
newsletter. Next support is seen at 100 even--par. First resistance
is seen at 102 16/32 level.

The June U.S. T-note closed off 27.0 (32nds) today at 104.12.5. Bears
have the slight edge and prices scored a bearish "outside day" down
on the daily bar chart today. First support is seen at the 104.00.0
level. First resistance is seen at 105.10.5--today's high.

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T O P   N E W S
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STOCKS

Japan Stocks Review: Nikkei falls 0.48% ahead of Friday's fixing
   http://news.ino.com/summary/?id=25286
US Equities Review: Nasdaq slips; Retailers, cyclicals support DJIA
   http://news.ino.com/summary/?id=25285
UK Stocks Review: Rate cuts boost fails to push FTSE over 6,000
   http://news.ino.com/summary/?id=25292

FOREX

US FX Review: Euro buckles after surprise ECB interest rate cut
   http://news.ino.com/summary/?id=25288
Asia FX Review: Trading stuck in a tight range in Asia
   http://news.ino.com/summary/?id=25293
Europe FX Review: Euro slides on surprise ECB rate cut
   http://news.ino.com/summary/?id=25287

CREDIT

US Credit Review: Bond dn 1 5/32, weekly jobs data spark sales
   http://news.ino.com/summary/?id=25284
Europe Credit Review: Curve steepens sharply on surprise ECB cut
   http://news.ino.com/summary/?id=25289
Japan Credit Review: Jun posts small gains in range-bound trades
   http://news.ino.com/summary/?id=25291

COMMODITIES

US Futures Summary: USDA data sink corn, cotton; natural gas up
   http://news.ino.com/summary/?id=25290

EXCHANGES

CFTC And SEC Propose Joint Rules For Security Futures
   http://news.ino.com/press/?release=23937
Pacific Exchange To Trade Options on Agere Systems Inc.
   http://news.ino.com/press/?release=23936
Minneapolis Wheat Options Open Interest Tops 10,000
   http://news.ino.com/press/?release=23567
Single-Day Volume Record For Kansas Wheat Options
   http://news.ino.com/press/?release=23566

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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

BDN1   Oriented Strand Board Jul 2001             220.00      8.00  +3.77
NGM1   Henry Hub Natural Gas Jun 2001              4.348     0.153  +3.64
CCK1   Cocoa May 2001                               1096        30  +2.81
ZM1    U.S. Treasury 6% Bond Jun 2001          103 184/256   2 22/32  +2.66
XHM1   Lean Hogs Jun 2001                          68.55      1.73  +2.59
LHM1   Lean Hogs Jun 2001                         68.400     1.475  +2.20
ERY0   FTSE Eurotop 100 Cash                      3333.7      69.2  +2.12
PBG2   Frozen Pork Bellies Feb 2002               70.200     1.300  +1.85
KWK1   Wheat May 2001                                320         5  +1.59
HOK2   Heating Oil May 2002                       0.7056    0.0105  +1.49

LOSERS

XCN1   Corn Jul 2001                             198 1/4    -6 3/4  -3.29
CN1    Corn Jul 2001                             198 1/4    -6 3/4  -3.29
NGQ3   Henry Hub Natural Gas Aug 2003              4.067    -0.120  -2.95
ON1    Oats Jul 2001                             108 3/4    -3 1/4  -2.90
PAM1   Palladium Jun 2001                         660.60    -14.00  -2.08
SK2    Soybeans May 2002                         447 1/2    -8 1/2  -1.86
NDM1   NASDAQ 100 Index Jun 2001                 1841.00    -34.50  -1.84
SMH2   Soybean Meal Mar 2002                       146.5      -2.7  -1.81
SIU1   Silver Sep 2001                             4.375    -0.076  -1.71
XSX1   Soybeans Nov 2001                         422 1/4    -7 1/4  -1.69
____________________________________________________________________________

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

INGN   Introgen Therapeutics                        7.16      2.56  +55.65
FHRX   FIRST HORIZON PHARMAC'L                     24.66      5.44  +28.19
SRV    SERVICE CORP INTL                            5.86      1.23  +26.39
ROYL   ROYALE ENERGY                               15.06      3.13  +26.30
CVST   Covista Communications                       5.90      1.21  +22.83
NICK   NICHOLAS FINANCIAL INC                       7.00      1.11  +17.76
BIOI   BIOSOURCE INTL                              10.45      1.54  +17.26
PLCE   CHILDREN'S PLACE RETAIL STORES              28.58      4.18  +17.13
FPIC   FPIC INSURANCE GRP                          11.45      1.68  +17.11
MEDM   MEDAMICUS INC                                7.55      1.04  +15.52

LOSERS

CTLM   CENTILLIUM COMMUNICATIONS(IPO)              23.59     -8.00  -25.33
MAXC   MAXCO INC                                    7.50     -1.43  -19.07
VGIN   VISIBLE GENETICS                            15.05     -2.91  -16.62
AMCV   AMER CLASSIC VOYAGES                         5.45     -1.07  -16.34
RTIX   REGENERATION TECHNOLOGIES                   11.29     -2.17  -16.30
MCRI   MONARCH CASINO & RESORT                      5.45     -0.85  -15.45
USLBW  U.S. LABORATORIES WRRT                       5.95     -0.94  -15.44
APCS   ALAMOSA PCS HLDGS                           12.30     -2.18  -15.18
QLTI   QLT INC                                     23.81     -4.05  -14.54
AETH   AETHER SYSTEMS                              13.48     -2.26  -14.37

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