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 0.29 points to 189.04. The
US Dollar Index trended higher 0.11 points to 118.58.

The Dow Industrials gained 65.11 points, at 9796.07, while
the S&P 500 rose 3.97 points, last seen at 1132.15. The
Nasdaq Composite moved up 20.20 points to 1942.58.
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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 as investors were encouraged
by favorable earnings reports from a number of high-tech companies.
The NASDAQ gapped up on the open and closed higher on Thursday
thereby increasing the odds that this week's spike of the 38%
retracement level crossing at 1826.96 marked a short-term bottom. The
NASDAQ closed up 20.20 points at 1942.58. The March S&P 500 index
also closed higher on Thursday as it consolidates above the 25%
retracement level of the rally off September's low crossing at
1122.57. Multiple closes above last week's high at 1150 will be
needed to temper the near-term bearish outlook in the market. The
March S&P 500 closed up 4.30 points at 1133.30.

The Dow closed higher on Thursday as traders and investors celebrated
Fed Chairman Alan Greenspan's comments regarding signs of a recovery
in the economy. Gains were tempered as Greenspan insisted that Wall
Street is too aggressive in its expectations or time for such a
recovery. Todays rebound hints that the Dow might be forming a bottom
off key fib support crossing at 9706.20. Closes above minor
resistance crossing at 9857.70 would help temper the near-term
bearish outlook in the market. Short-term momentum indicators are
oversold hinting that at a short-term low is in or near.

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

March T-bonds posted an inside day with a slightly higher close due
to technical short covering as it consolidated some of Wednesday's
loss. However, the door has been opened for additional weakness and a
likely test of December's uptrend line crossing near 100-26 later
this month. Short- term momentum indicators are bearish signaling
that additional weakness is possible near-term. Today's comments by
Fed Chairman Alan Greenspan signal that the recession has hit bottom
and the economy should begin to show signs of recovery by the second
quarter of this year. These comments also indicate that the Fed is
unlikely to make an additional cut in interest rates when it meets
later this month.

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

The CRB index closed lower on Thursday pressured by weakness in
foods, fiber and natural gas. Losses were tempered by gains in crude
oil and its products, some livestock markets and grains. The CRB is
consolidating around the 50% retracement level of the October-January
rally crossing at 189.40. If this decline continues, the 62%
retracement level crossing at 187.85 is the CRB's next target.
Momentum indicators are becoming oversold hinting that a low might be
in or is near.

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

The energy markets closed higher on Thursday despite Wednesday's
mildly bearish inventory report in crude oil and unleaded gas. Light
technical support came from today's Dept. of Energy (DOE) inventory
report. These reports showed a build in crude oil and unleaded
gasoline and a drawn in distillates, which paralleled the API data.
The fact that crude and its products rallied today indicates that all
of the near-term bearish news has been factored into the markets at
this time.

March crude oil closed higher on Thursday and is challenging last
fall's broken uptrend line crossing near 20.00. Closes above this
broken support level are needed before a bottom is confirmed.
Stochastics and the RSI are oversold and turning bullish with this
week's rebound hinting that a low is in or near.

March heating oil closed higher on Wednesday as it continues to
rebound off trading range support crossing at 51.20. Closes above
last week's high crossing at 54.70 are needed to temper the bearish
outlook in the market. The fact that March heating oil has been able
to rally despite this week's bearish inventory reports underscores
the fact that the bearish news has already been discounted in the
market. Momentum indicators are oversold and turning neutral to
bullish signaling that a triple bottom might be in or is near.

March unleaded gas extended this week's rebound on Thursday having
retraced over 38% of this month's decline since last week. Short-term
momentum indicators have turned bullish signaling that a low has been
posted. From a broader perspective, March unleaded gas needs to close
above 64.35 or below 51.90 to breakout of this winter's trading range
and point the direction of the next trending move.

March Henry Hub natural gas closed slightly higher on Thursday due to
light short covering as it consolidated some of its recent losses.
This week's breakout into new contract lows has set the stage for a
possible test of weekly support crossing at 1.76 later this winter.
Momentum indicators are bearish but oversold hinting that a low may
be near.

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

The March Dollar closed above December's high crossing at 118.85 on
Thursday confirming a breakout into new contract highs and
Wednesday's key reversal up. If the rally continues, weekly
resistance crossing at 120.11 is March's next likely target. At the
same time, stochastics and the RSI though bullish have entered their
respective overbought zones hinting that a double top might be
forming. Support begins at last Friday's low crossing at 117.85.

The March Swiss Franc closed below last fall's trading range support
at .5973 on Thursday. Closes below last week's low at .5961 would
open the door for a larger-degree decline into the end of January.
Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term.

The March Canadian Dollar closed steady on Thursday hinting that this
week's short covering bounce might be coming to an end. Nevertheless,
this week's closes above broken support crossing at .6230 have
tempered the near-term bearish outlook in the market. I would not be
surprised to see a setback on Friday as March might try to
consolidate some of this week's gains. Momentum indicators have
turned bullish signaling that a short-term bottom has likely been
posted.

The March Japanese Yen extended this week's breakout below weekly
support crossing at .7558 and is poised to test the next level of
long-term support crossing at .7371 in the near future. Momentum
indicators are bearish signaling that additional weakness is likely.
I am looking for a short-term bottom to be posted by the middle of
next week.

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

February gold closed lower on Thursday as it tested the 62%
retracement level of the December-January rally crossing at 278.70.
Momentum indicators are bearish signaling that sideways to lower
prices are possible near-term. If the decline continues, the 75%
retracement level of this winter's rally crossing at 276 is
February's next target.

March silver closed steady on Thursday as it continues to consolidate
below the 62% retracement level of November's rally crossing at
4.327. Momentum indicators are bearish signaling that sideways to
lower prices are possible during the last half of January. The stage
is set for additional weakness with the 75% retracement level
crossing at 4.221 marking the next likely downside target later this
month.

March copper extended this week's short covering rally and closed
above last week's high crossing at 71.40 to temper the bearish
outlook in the market. The door is open for a test of this month's
high crossing at 72.40. Closes above 72.40 are needed to renew this
month's rally, which could lead to a test of November's high crossing
at 73.70 later this winter. Momentum indicators have turned bullish
with this week's rebound signaling that sideways to higher prices are
possible near-term.

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

March corn closed higher due to technical short covering on Thursday
as traders consolidated some of its losses over the past four trading
sessions. However, the short covering rebound stalled out after
testing broken support crossing at 2.10 1/4. Traders are taking a
wait an see attitude towards the market until they see this week's
export sales report, which is expected to show some improvement over
recent weeks. My sources tell me that export demand should see a
significant pickup in the coming weeks as end users are likely to
become more active buyers to lock in current low prices after
spending the past few months in a hand to mouth mode. News out of
Southern Brazil regarding their corn crop is also friendly. Sources
indicate that recent dryness is likely to cut into their production
by 20.3% and is now projected to be 3.842 million metric tons down
from 4.821 million metric tons earlier this winter. This is 36.9%
below year ago levels. The corn market still has its work cut out for
itself and will need to close above last week's high at 2.16 1/4 to
confirm a major bottom and trend change has taken place.

March wheat closed higher on Thursday thereby confirming yesterday's
a key reversal up. While today's rebound hints that a minor low has
been posted, momentum indicators remain bearish warning traders that
March wheat still is vulnerable to additional weakness into
early-February. Today's rally came on light volume as floor traders
went searching for protective stops. However, the market will need to
see a significant increase in export demand before a bottom can be
confirmed. I am still looking for one more break to new lows for the
month with the late-December reaction low crossing at 2.83 marking
the next likely downside target.

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

March soybeans posted an inside day with a higher close due to
technical short covering as it consolidated some of its losses over
the past four trading sessions. Light support was due to the fact
that Brazil's Rio Grande do Sul state continues to miss forecasted
rain events. The extremely dry conditions of the past several weeks
are beginning to diminish yield potential in this region of the
country. The state has lowered its yield projection from 6.426
million metric tons to 5.443 million metric tons and is down 21.5%
from last year's level. Gains were limited as weather forecasts
continue to call for chances for rain over the next five days.
Friday's export sales report is expected to show another strong week
of export sales. Technically, today's rally stalled after testing
minor gap resistance crossing at 4.38. While additional short
covering is possible on Friday, the threat of rain over the next five
days will continue to limit near-term upside potential in the market.

March soybean meal closed higher on Thursday after filling the gap
crossing at 150.30 and testing the 62% retracement level of this
month's rally crossing at 150. I would not be surprised to see
additional short covering on Friday however, momentum indicators
remain bearish signaling that additional weakness and a test of gap
support crossing at 147.90 is possible into early-February. Momentum
indicators are bearish signaling that additional weakness into the
end of January is likely.

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

April hogs closed sharply higher on Thursday led by steady to higher
cash bids and take that packers may have to bid aggressively on
Friday to fill kill orders. Additional support late in the day came
from fund buying, which triggered protective stops that exaggerated
today's rebound. I would not be surprised to see subdued trading on
Friday ahead of this week's monthly hogs and pigs report. Closes
above or below this week's trading range are needed to clear up
near-term direction in the market. Both weekly and daily momentum
indicators are overbought and are neutral to bearish hinting that a
major top appears to be at hand.

April cattle closed higher for the second day in a row on Thursday on
technical short covering and spillover support from higher pork
prices. Gains were limited by lower boxed beef prices. Closes above
this month's apparent double top crossing at 74.87 are needed to
renew the rally off last November's low. Momentum indicators are
turning neutral to bullish hinting that the cattle market is poised
for one more drive to new highs for the year.

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

March coffee drifted lower on Thursday as origin selling overcame
light roaster buying. Gains remain limited as favorable growing
conditions in Brazil's coffee region continue to keep expectations
for a record coffee crop high on trader's minds. Momentum indicators
are bearish signaling that sideways to lower prices are likely into
the end of January. This sets the stage for a possible test of this
winter's low crossing at 44.75 later this month.

March cocoa closed lower on Thursday as it consolidated some of this
week's short covering gains. March was unable to punch through broken
trendline support after filling the gap at 1355 on Wednesday. March
will need to close above 1422 or below 1260 to confirm a breakout of
this winter's trading range and clear up near-term direction in the
market. Short- term momentum indicators have turned neutral to
bullish signaling that sideways to higher prices are possible into
early-February.

March sugar gapped down and closed below last fall's uptrend line
thereby opening the door for a test of December's low crossing at 690
later this month. Momentum indicators remain bearish signaling that
sideways to lower prices are still possible. Today's sell off was
triggered by fears of a large Brazilian crop.

March cotton closed lower on Thursday and below last week's low at
36.30 as traders indicated that they would need to see solid weekly
export demand before selling abates. Stochastics and the RSI are
bearish signaling that a test of trading range support crossing near
34.91 is possible later this month.

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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

LBH2   Random Length Lumber Mar 2002              278.20      8.60  +3.18
NGQ3   Henry Hub Natural Gas Aug 2003              2.966     0.068  +2.30
SIH3   Silver Mar 2003                             4.400     0.094  +2.18
LHG2   Lean Hogs Feb 2002                         56.425     1.175  +2.13
OU2    Oats Sep 2002                             144 1/4     2 3/4  +1.94
XHJ2   Lean Hogs Apr 2002                          60.97      1.05  +1.75
NDM2   NASDAQ 100 Index Jun 2002                 1574.00     26.50  +1.71
SMN2   Soybean Meal Jul 2002                       149.4       2.3  +1.56
HOG2   Heating Oil Feb 2002                       0.5339    0.0077  +1.47
YIK2   Mini NY Silver May 2002                     4.335     0.060  +1.40

LOSERS

SBK2   Sugar #11 World May 2002                     6.35     -0.33  -4.95
PNJ2   Propane Apr 2002                           0.2900   -0.0125  -4.35
CCH3   Cocoa Mar 2003                               1170       -29  -2.42
CTN2   Cotton Jul 2002                             39.10     -0.70  -1.76
KCK3   Coffee 'C' May 2003                         61.00     -0.80  -1.29
PLJ2   Platinum Apr 2002                           461.8      -5.9  -1.26
OJU2   Orange Juice Froz. Conc. #1 Sep 2002        91.05     -1.00  -1.10
DBV2   Butter Oct 2002                           143.500    -1.500  -1.03
RRK2   Rough Rice May 2002                         4.040    -0.040  -0.98
NKH2   Nikkei 225 Stock Avg Mar 2002               10050       -95  -0.94

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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

TEST   TEST SECURITY 1                           48.2350   16.7190  +167.19
TESTC  TEST SECURITY                            127.0000   75.7200  +60.93
NWRE   NEOWARE SYSTEMS                            6.3350    1.3700  +26.60
HAL    HALLIBURTON CO                              13.43      2.63  +24.35
PVTL   PIVOTAL CORP                               6.0800    1.1400  +23.03
AZPN   ASPEN TECHNOLOGY                          19.6000    3.5100  +21.81
AVNX   AVANEX CORP                                5.2500    0.9400  +21.61
PLXT   PLX TECH INC                              15.1600    2.6490  +21.36
VITR   VITRIA TECHNOLOGY                          7.2900    1.2800  +20.95
ORB    ORBITAL SCIENCES CORP                        6.20      0.99  +19.04

LOSERS

ABI    APPLERA CRP-APPLIED BIOSYSTEMS              25.20     -8.74  -25.90
DTAGY  DIGITALE TELEKABEL ADS                     5.0500   -1.4500  -21.01
TLGD   TOLLGRADE COMMUNICATIONS                  26.5700   -5.6000  -17.55
RESP   RESPIRONICS INC                           30.6700   -5.9100  -16.14
NVLD   NOVEL DENIM HOLDINGS                      11.2500   -1.5500  -13.96
STRD   STRATEGIC DISTRIBUTION INC NEW             8.2700   -1.1900  -13.90
VSTN   VESTIN GROUP                               5.9000   -0.8000  -13.33
XICO   XICOR INC                                  8.9700   -1.3700  -13.10
CTXS   CITRIX SYSTEMS                            17.7800   -2.4900  -12.26
COLT   COLT TELECOM GROUP ADS                     5.3100   -0.6800  -11.33
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