W E D N E 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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Wednesday: The CRB Index has gained 0.24 points to 189.33. The
US Dollar Index moved up 0.70 points to 118.45.

The Dow Industrials gained 17.16 points, at 9730.96, while
the S&P 500 advanced 8.87 points, last seen at 1128.18. The
Nasdaq Composite edged higher by 39.85 points to 1922.38.
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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 Wednesday following the release of
positive earnings reports by a number of tech stocks such as
Novellus, a maker of wafers for the chip industry. Hyperion
Solutions, a maker of client server software also posted better than
expected earnings. The NASDAQ closed higher on Wednesday but fell
short of testing the 25% retracement level of the rally off last
September's low, which crosses at 1930.89. This leaves the door open
for additional weakness with the 38% retracement level crossing at
1826.96 later this winter. The NASDAQ closed up 39.85 points at
1922.38. The March S&P 500 index also closed higher on Wednesday as
it consolidated 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 7.70 points at
1129.

The Dow closed slightly higher on Wednesday amidst support from
on-target earnings reports from Boeing, Caterpillar, Merrill Lynch
and Pfizer. Slightly better than expected earnings figures came from
Exxon Mobil. The Dow managed to closes just above 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 bearish but becoming
oversold hinting that at the very least we could see a short covering
bounce possibly into the end of January.

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

March T-bonds closed sharply lower on Wednesday thereby confirming
last week's breakout below January's uptrend line. Much of today's
pressure was due to a rebound in the equity markets and uncertainty
over Fed Chairman Alan Greenspan's comments on Thursday regarding the
economy. Stochastics and the RSI have turned bearish from overbought
conditions with today's sell off and signal that additional weakness
is possible into the end of January. If the decline continues, the
December-January uptrend line crossing near 100-20 is March's next
target.

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

The CRB index posted a quiet inside day with a slightly higher close
on Wednesday due to light short covering triggered by strength in
some livestock markets, some foods and energies. The CRB is pausing
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.

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

The energy markets closed higher on Wednesday with the exception of
natural gas, which posted a new contract low. Contract rolling from
February to the March contract along with continued technical short
covering off last week's lows continues to underpin this week's
rebounds in crude oil and the products. The reaction to this
afternoon's inventory report will speak volumes about the underlying
tone of the markets. If prices continue to rebound following a
bearish report it would indicate that the bearish news has already
been factored into prices.

March crude oil closed higher on Wednesday and above January's
downtrend line thereby hinting that a short-term bottom might be in
place. Closes above last fall's broken uptrend line crossing near
20.00 are needed before a bottom is confirmed. Stochastics and the
RSI are oversold but turning neutral to bullish with this week's
rebound hinting that a low is in or near.

March heating oil closed higher on Wednesday but remains locked in
last week's trading range. Closes above 54.70 or below 51.20 are
needed to confirm a breakout of this trading range and point the
direction of the next minor trending move. Momentum indicators are
bearish but oversold while trend-following indicators are in position
to confirm a trading range breakout. This afternoon's API inventory
report might provide the catalyst needed for a trend change.

March unleaded gas closed higher on Wednesday thereby confirming the
recent breakout above January's downtrend line. Today's rally turned
a number of momentum indicators neutral to bullish hinting that a low
is in or near following last week's test of last fall's uptrend line
crossing near 55.10. Closes below this uptrend line would open the
door for a test of last fall's lows beginning at 53.00 and extending
down to 51.90.

March Henry Hub natural gas closed into new contract lows on
Wednesday pressured by this week's AGA inventory report, which showed
a draw in stocks of 124 billion cubic feet, which was termed bearish
by traders. US storage is estimated at 73% full. 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.

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

The March Dollar posted a key reversal up on Wednesday and spiked
above December's high before light profit taking ahead of the close
tempered some of today's gains. Closes above today's high would
confirm a breakout into new contract highs while opening the door for
a possible test of weekly resistance crossing at 120.11 later this
winter. Stochastics and the RSI remain bullish signaling that
additional gains are possible if March can close above December's
high crossing at 118.85. Support begins at last Friday's low crossing
at 117.85.

The March Swiss Franc closed sharply lower on Wednesday and is once
again poised to test the lower boundary of last fall's trading range
support crossing at .5973. Multiple closes below this support level
or above neckline resistance crossing near .6067 are needed to clear
up near-term direction in the market. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible into the
end of January.

The March Canadian Dollar closed higher on Wednesday thereby
confirming yesterday's key reversal up. Today's close above broken
support crossing at .6230 tempers the near-term bearish outlook in
the market. However, I would not be surprised to see a setback on
Thursday as March might try to consolidate some of this week's gains.
Momentum indicators are diverging and turning bullish with this
week's rebound hinting that a low is in or near.

The March Japanese Yen posted a new contract low on Wednesday thereby
confirming yesterday's breakout below key weekly support crossing at
.7558. Momentum indicators are bearish signaling that additional
weakness is likely. If the decline continues, weekly support crossing
at .7371 is March's next likely target.

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

February gold closed sharply lower on Wednesday and below December's
uptrend line thereby confirming a top and trend change has taken
place. Session lows tested the 62% retracement level of the
December-January rally crossing at 278.70. While a pause is possible
near-term level, the door remains open for additional weakness with
fib support crossing at 276 being February's next target. Momentum
indicators are bearish signaling that sideways to lower prices are
possible near-term.

March silver closed lower on Wednesday as it extended its breakout
below the 62% retracement level of November's rally crossing at
4.327. The door remains open for a test of the next level of fib
support crossing at 4.221 later this month. Momentum indicators are
bearish signaling that sideways to lower prices are possible during
the last half of January.

March copper closed higher due to technical short covering for the
second day in a row on Wednesday. However, closes above last week's
high crossing at 71.40 are needed to temper the near-term bearish
outlook in the market. Closes above 72.40 are needed to renew March's
rally off this month's low. Momentum indicators are neutral as they
wait for a breakout of January's trading range.

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

March corn gapped down and closed sharply lower on Wednesday due to
renewed fund selling amidst rising prospects for showers in South
America's key corn growing regions later this week. Additional
pressure came from reports of recent wheat sales by Argentina, which
will provide increased competition for U.S. corn in the world market.
Bearish traders continue to point to sluggish U.S. corn exports,
which are running some 9% below year ago levels and are willing to
overlook tighter ending stocks for this year. March spiked to new
contract lows during the session but failed to uncover fresh sell
stops below the previous contract low, which then triggered a short
covering rebound. Light support came from a higher close in wheat and
expectations for a strong export sales report on Friday. Closes below
today's low would confirm a breakout below this winter's trading
range thereby opening the door for a possible test of weekly support
crossing at 2.04 1/4 later this winter.

March wheat posted a key reversal up on Wednesday amidst technical
short covering. Today's rally managed to fill Tuesday's gap at 2.97
1/2, which is slightly positive from a technical standpoint. However,
March remains vulnerable to test December's uptrend line crossing
near 2.93 possibly on Thursday. Closes below this support level would
open the door for a larger-degree decline into the end of January.
Renewed selling by Argentina after being out of the market since
late-December limited today's gains and will act as a weight on the
market near-term. Stochastics and the RSI are bearish signaling that
sideways to lower prices are likely into the end of January.

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

March soybeans plunged below gap support crossing at 4.37 amidst
increased chances for precip across the dryer regions of South
America by the weekend. Additional pressure came from today's sharp
sell off in soybean meal. While a short covering bounce is possible
on Thursday, the stage is set for a likely test of the early-January
gap beginning at 4.28 1/2 and extending down to 4.26 3/4. Stochastics
and the RSI are bearish signaling that additional weakness is
possible near-term. I would not rule out a test if not spike to new
contract lows later this winter following the sharp decline off last
week's high.

March soybean meal closed sharply lower on Wednesday filling the gap
crossing at 154.80 and is now poised to test the gap crossing at
150.30 possibly on Thursday. News that meal tightness in Europe is
only temporary along with increased chances for precip across South
America continues to pressure the market. 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 modestly higher on Wednesday due to technical short
covering following a test of the 25% retracement level of the rally
off last fall's low. The mid- range close leaves the door open for a
steady opening on Thursday, as the market will continue to look to
the cash and product markets for near-term direction. April continues
to hold a stiff premium to the cash market, which will continue to
limit upside potential near-term. Closes below Wednesday's low at
59.32 would confirm this week's trendline breakout while opening the
door for a larger-degree decline into early-February.

April cattle closed higher on Wednesday, as bulls are not going to
give up control of the market without a fight. Today's short covering
bounce was triggered by rising hopes for higher cash and boxed beef
values later this week. However April closed below the 50%
retracement level of last year's decline crossing at 71.36. Momentum
indicators are diverging and have turned neutral to bearish hinting
that a short-term top might be in or is near. However, closes below
initial trendline support crossing near 70.87 are needed before a
short-term top can be confirmed.

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

March coffee closed slightly lower on Wednesday. Early weakness was
due to small speculator selling however, industry and trade buying
tempered early losses as the market tried to catch its breath today
following the sharp decline off last week's high. However, near ideal
growing conditions in Brazil's coffee region continue to keep
expectations for a record coffee crop high on trader's minds thereby
limiting near-term upside potential. 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 higher on Wednesday and filled the gap crossing at
1355 thereby tempering the bearish outlook in the market. Today's
rebound confirmed Tuesday's key reversal up while turning a number of
short-term momentum indicators neutral to bullish. This sets the
stage for sideways to higher prices into the end of January. However,
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.

March sugar posted an inside day with a lower close on Wednesday and
is poised to test last fall's uptrend line crossing near 721. Closes
below this support level would open the door for a likely test of
December's low crossing at 690 later this winter. Momentum indicators
remain bearish signaling that sideways to lower prices are still
possible into the end of January.

March cotton closed lower on Wednesday however, a short covering
bounce ahead of the close tempered some of today's losses. The
high-range close leaves the door open for a possible short covering
bounce on Thursday. However, upside potential appears limited given
the large net long position held by speculators. This leaves the
market vulnerable to additional long-liquidation into the end of the
month if export sales begin to taper off from recent levels.
Stochastics and the RSI have turned bearish with the sell off from
last Friday's high warning traders that a test of trading range
support crossing near 34.91 is possible later this winter.

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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

RAH2   South African Rand Mar 2002              0.088500  0.003725  +4.39
CCN3   Cocoa Jul 2003                               1183        47  +4.03
CLZ7   Light Sweet Crude Oil Dec 2007              20.42      0.71  +3.45
HUH2   New York Harbor Unleaded Gasoline Mar 20    0.5738    0.0160  +2.87
NDH2   NASDAQ 100 Index Mar 2002                 1547.00     40.50  +2.69
HOQ2   Heating Oil Aug 2002                       0.5480    0.0129  +2.38
ON2    Oats Jul 2002                             161 3/4     3 3/4  +2.37
XOH2   Oats Mar 2002                             196 1/2     4 1/2  +2.33
SCH2   Brent Crude Oil Mar 2002                    19.12      0.36  +1.92
QLG2   Central Appalachian Coal Feb 2002           28.50      0.50  +1.79

LOSERS

PAH2   Palladium Mar 2002                         383.50    -14.50  -3.64
SMN2   Soybean Meal Jul 2002                       147.1      -4.1  -2.71
PBK2   Frozen Pork Bellies May 2002               77.100    -1.750  -2.23
PLJ2   Platinum Apr 2002                           467.1      -9.2  -1.94
XEK2   Soybean Meal May 2002                       151.2      -2.7  -1.79
SBH2   Sugar #11 World Mar 2002                     7.31     -0.12  -1.62
YGM2   Mini NY Gold Jun 2002                       280.3      -4.6  -1.61
SU2    Soybeans Sep 2002                         443 1/2        -7  -1.55
NGG2   Henry Hub Natural Gas Feb 2002              2.076    -0.031  -1.47
DBU2   Butter Sep 2002                           143.250    -2.250  -1.37

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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

ARTL   ARISTOTLE CORP                             8.5000    1.7600  +23.47
MERQ   MERCURY INTERACTIVE                       35.8600    6.5700  +22.43
SIMG   SILICON IMAGE                              6.4900    1.0900  +20.15
FMKT   FREEMARKETS INC                           22.1000    3.5800  +19.56
AMRN   AMARIN CORP PLC ADS                       21.0000    3.2500  +18.41
PCSA   AIRGATE PCS INC                           26.0200    4.0400  +18.38
ORB    ORBITAL SCIENCES CORP                        5.20      0.77  +17.70
XETA   XETA TECH INC                              5.5500    0.8500  +17.00
PCIS   PRECIS INC                                11.9500    1.7000  +16.75
NLCI   NOBEL LEARNING COMMUNITIES                 7.4500    1.0600  +16.72

LOSERS

ENTU   ENTRUST INC                                6.9500   -3.2100  -31.75
VSL    VIDESH SANCHAR NIGAM LTD ADS                 5.83     -2.65  -31.18
TEST   TEST SECURITY 1                           10.0000   -3.6500  -26.74
EOT    EOTT ENERGY PARTNERS L.P.                    8.06     -2.13  -20.90
IDNX   IDENTIX INC                               10.0500   -1.9600  -16.37
ROSS   ROSS SYSTEMS INC                           7.5500   -1.4000  -16.28
MAXC   MAXCO INC                                  6.0000   -1.0000  -14.29
TESTV  TEST SECURITY                             46.2100   -7.4500  -14.00
CCRD   CONCORD COMMUNICATIONS                    19.5300   -2.9410  -13.09
CTEC   CHOLESTECH CORP                           15.5000   -2.2100  -12.47
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