M O N 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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Monday: The CRB Index has retreated 1.98 points to 187.87. The
US Dollar Index climbed 0.05 points to 119.90.

The Dow Industrials advanced 25.67 points, at 9865.75, while
the S&P 500 dropped 0.22 points, last seen at 1133.06. The
Nasdaq Composite edged higher by 6.22 points to 1943.92.
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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 slightly higher on Monday in subdued trading as
traders and investors await the FOMC meeting decision regarding
interest rates on Wednesday. The NASDAQ is hovering above the 25%
retracement level of the September-January rally crossing at 1930.89.
Momentum indicators are bottoming and turning neutral to bullish
signaling that a low is in or near. The NASDAQ closed up 6.22 points
at 1943.92. The March S&P 500 index also closed slightly higher on
Monday up 2.20 points at 1135.50 while hinting that last week's lows
might have marked a double bottom with December's lows.

The Dow closed slightly higher on Monday although trading was
sluggish ahead of this week's FOMC meeting. As the earnings season
winds down, market watchers say the focus is shifting to the economy
while investors are cautious ahead of the barrage of economic data
expected later this week. Last week's breakout above January's
downtrend line signaled that a short-term bottom has likely been
posted. However, the Dow is likely to remain range bound possibly
into early spring or until it sees significant economic improvement.

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

March T-bonds posted a quiet inside day with a slightly higher close
on Monday as traders await the Fed.'s decision regarding interest
rates on Wednesday. I would not be surprised to see another narrow
range day on Tuesday as March continues to consolidate above the
December-January uptrend line crossing near 101-00. Momentum
indicators remain bearish signaling that sideways to lower prices are
possible into early-February. Most traders are not looking for any
change in interest rates based upon last week's comments by Fed
Chairman Alan Greenspan regarding a potential turnaround in the U.S.
economy.

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

The CRB index posted a key reversal down on Monday thereby renewing
its decline off January's high. The CRB index has now retraced 62% of
the October-January rally crossing at 187.85. Momentum indicators are
oversold but indicate that additional weakness is possible near-term.
Weakness in some precious metals, fiber, some foods and energies
pressured the CRB index today. If the decline continues, the 75%
retracement level crossing at 185.93 is the CRB's next likely target.

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

The energy markets closed lower on Monday amidst lackluster demand
and growing inventories, which continue to offset lower production by
OPEC and non-OPEC nations. The energy markets are likely to remain
range bound for some time until we see a pickup in demand.

March crude oil closed slightly lower on Monday hinting of a possible
end to last week's short covering rebound. However, stochastics and
the RSI are turning bullish signaling that we could see sideways to
higher prices into the first half of February. Multiple closes above
broken trendline support crossing near 20.00 could trigger additional
short covering gains near-term.

March heating oil closed modestly lower on Monday thereby ending last
week's short covering bounce that failed to test minor resistance
crossing at 54.70. Closes above 54.70 or below 51.30 are needed to
confirm a breakout of January's trading range. March appears to be
forming a triple bottom but this has yet to be confirmed. Short-term
momentum indicators are turning bullish signaling that sideways to
higher prices are possible into early-February.

March unleaded gas closed slightly lower on Monday after retracing
50% of this month's decline last week. However, the modest sell off
on Monday leaves March posted to extend its rebound off January's low
into early-February. Momentum indicators have turned bullish
signaling that sideways to higher prices are possible near-term.
Longer-term, I am looking for March to work its way higher possibly
testing the 62-cent area by early-February.

March Henry Hub natural gas posted a new contract low on Monday
amidst low demand and bearish extended weather forecasts for
high-demand regions of the country. Today's close below 2.00 sets the
stage for a test of weekly support crossing at 1.76 later this
winter. Momentum indicators are oversold but suggest that additional
weakness near-term is possible.

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

The March Dollar soared to new contract highs on Monday but fell
short of testing last year's high crossing at 121.29. Profit taking
late in the session tempered some of today's gains as March closed
mid-range for the day. This leaves the door open for sideways trading
on Tuesday. If the rally continues, last year's high, which coincides
with monthly fib resistance crossing at 121.58 are March's next
upside targets later this week. I am looking for lackluster trading
on Tuesday as the market will likely take a breather ahead of
Wednesday's decision by the FOMC regarding interest rates.
Stochastics and the RSI are overbought hinting at the very least that
we could see a brief pause near current prices.

The March Swiss Franc closed lower on Monday but fell short of
testing December's spike low crossing at .5797 before a short
covering rebound unfolded ahead of the close. Today's high-range
close leaves the door open for a short covering bounce on Tuesday.
However, the daily ADX is bearish signaling that additional weakness
near-term is likely into early-February.

The March Canadian Dollar posted a potential key reversal up on
Monday thereby ending the two-day correction off last week's high.
Additional strength on Tuesday along with a close above this winter's
downtrend line crossing near .6250 is needed to confirm that a
short-term bottom has been posted. Momentum indicators are turning
neutral to bullish with today's reversal pattern but needs to see
additional strength before giving buy signals.

The March Japanese Yen closed sharply higher on Monday due to short
covering but remains below broken weekly support crossing at .7558.
Closes above .7558 and last fall's downtrend line crossing near .7600
are needed to confirm a bottom has been posted. Today's rally turned
a number of momentum indicators, which have been diverging, bullish
thereby increasing the odds that a short-term bottom might be in
place. If the decline continues, next level of long- term support
crossing at .7371 is March's next target later this winter.

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

February gold closed modestly higher on Monday due to light short
covering as it consolidates above the 62% retracement level of the
December-January rally crossing at 278.70. However, the strong U.S.
Dollar is hurting overseas jewelry and investor demand for gold,
which leaves the market vulnerable to additional long-liquidation
into early- February. Stochastics are bearish signaling that
additional weakness is possible into early-February. If the decline
continues, the 75% retracement level of this winter's rally crossing
at 276 is February's next target.

March silver closed lower on Monday as it renewed this month's
decline following last Friday's short covering bounce, which led to a
test of broken support marked by the 62% retracement level of
November's rally crossing at 4.327. Today's resumption of January's
sell off sets the stage for a test of the 75% retracement level
crossing at 4.221 later this week. Momentum indicators are bearish
signaling that sideways to lower prices are possible into early
February.

March copper closed lower on Monday thereby confirming last Friday's
downside reversal. Momentum indicators are turning bearish with the
sell off from last Friday's high thereby increasing the odds that a
double top with the early January high was posted last week. Closes
below last week's low crossing at 69.20 would open the door for a
larger-degree decline during February.

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

March corn closed lower on Monday in sympathy with wheat along with a
lackluster weekly inspection report released this morning. This
morning's report came in at 27.030 million bushels down 14.6% from
the previous week but up 7% from the same period last year.
Additional pressure came from weekend rains across dry portions of
southern Brazil and Argentina, which will help stabilize yields. The
soaring U.S. Dollar is also having an impact on export demand despite
relatively low domestic prices. The sharp declines in Asian
currencies continue to make U.S. corn and soybeans less competitive
on the world market, which has resulted in sluggish export demand.
Unless we see a significant setback in the U.S. Dollar and or further
yield reductions in South American's corn crop potential the corn
market is likely to struggle into the first half of February when a
mid-winter low is due to be posted.

March wheat closed sharply lower on Monday following last Friday's
commitment of trader's report, which showed a larger-than-expected
speculative long position in the market. This report triggered
long-liquidation through out the day and was exacerbated by this
morning's disappointing export inspection report. The report came in
at 13.449 million bushels compared with last week's 19.691 million
bushels. Once March wheat traded below December's uptrend line
crossing near 2.94, sell stops were triggered thereby exaggerating
today's loss. Momentum indicators remain bearish indicating that
additional weakness is possible into early-February. I am looking for
a test of the late-December reaction low crossing at 2.83 by the
middle of February.

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

March soybeans actually managed to close fractionally higher
following a gap lower opening that was triggered by weekend rains
across dry regions of Southern Brazil including the stage of Rio
Grande do Sul. The gap lower opening triggered additional selling as
March filled the gap at 4.26 3/4. However, stop loss selling combined
with ideas that the bearish weekend weather across South America had
largely been factored into prices with last Friday's sharp sell off
allows for a short covering rally to unfold into the close. Light
support came from today's strong export inspection report that came
in at 35.475 million bushels, up from last week's 33.731 million
bushels. Momentum indicators remain bearish signaling that sideways
to lower prices are possible into early-February. I would not rule
out a test of the early January low, which crosses at 4.15 3/4.

March soybean meal gapped down on the open following overnight
weakness triggered by weekend rains across South America. However, a
short covering rally unfolded when March was unable to fill the
January 11th gap crossing at 147.90 in early trading. Once this
morning's gap at 150.30 was filled additional short covering was
triggered which led to the posting of an upside reversal on Monday.
Today's high- range close leaves the door open for a steady to firmer
opening in access trading. Additional strength on Tuesday is needed
to confirm today's friendly reversal pattern. At the same time,
momentum indicators remain bearish warning bullish traders that
additional weakness is possible into early-February.

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

April hogs closed lower on Monday however, a short covering rally
into the close tempered early losses. April gapped down on the open
despite calls for a steady to firmer opening. Last Friday's monthly
hogs and pigs' report indicated that 3% more hogs could come to the
market in the May/June time frame than had previously been expected,
which triggered the lower opening. Opening losses were limited due to
steady to 50-cents higher cash bids. Technically, April hogs remain
below broken trendline support. However, today's high-range close
leaves the door open for a steady to firmer opening on Tuesday.
Closes above last Friday's high crossing at 61.50 would open the door
for a possible challenge of the contract high crossing at 61.90.
Momentum indicators are turning neutral to bullish following the
rebound off last week's low and leaves the door open for sideways to
higher prices into the first half of February.

April cattle posted a new high close for the year on Monday. Support
was due to spread shifting from February to the April contract along
with expectations for steady to higher cash bids this coming week.
April cattle are poised to test October's high at 75.45 possibly
later this week. Momentum indicators are bullish signaling that
sideways to higher prices are possible into early-February. Today's
high-range close leaves the door open for a steady to firmer opening
on Tuesday.

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

March coffee closed lower on Monday amidst increased fund and
producer selling. With first notice day coming up, it means that the
market will see increased producer pricing. The stage is set for a
test of this winter's low crossing at 44.75 possibly on Tuesday.
Multiple closes below this support level would confirm a trading
range breakout while opening the door for a larger-degree decline
into late winter. Momentum indicators are bearish signaling that
additional weakness is possible near-term.

March cocoa closed slightly lower on Monday after a gap higher
opening failed to attract follow-through buying. Short-term momentum
indicators are bullish signaling that sideways to higher prices are
possible near-term. However, closes above 1422 or below 1260 are
needed to confirm a breakout of this winter's trading range.

March sugar closed higher on Monday as it extended last Friday's
short covering rebound. Session highs fell short of testing last
week's gap crossing at 730. If this gap were closed, it would signal
that a double bottom with December's low crossing at 690 has likely
been posted. Short-term momentum indicators are bearish but oversold
hinting that at the very least we should see some kind of short
covering rebound off the 690 support level.

March cotton posted an inside day with a lower close on Monday
thereby signaling an end to last Friday's short covering bounce.
Momentum indicators remain bearish signaling that a test of trading
range support crossing near 34.91 is possible later this month. Until
participants can get a better handle on the size of this year's
cotton crop and or export demand improves, March cotton will remain
range bound from 39.80 down to 34.91.

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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.
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WINNERS

SEK3   Sugar #14 Domestic May 2003                 20.95      0.95  +4.52
QLH2   Central Appalachian Coal Mar 2002           27.00      0.79  +2.93
LBU2   Random Length Lumber Sep 2002              293.60      6.50  +2.25
PNH2   Propane Mar 2002                           0.2925    0.0050  +1.72
SMH2   Soybean Meal Mar 2002                       153.3       2.1  +1.39
PLF2   Platinum Jan 2002                           465.2       5.3  +1.13
CLV2   Light Sweet Crude Oil Oct 2002              20.58      0.23  +1.12
XPH2   British Pound Mar 2002                     1.4200    0.0156  +1.11
NKM2   Nikkei 225 Stock Avg Jun 2002               10155       100  +0.99
CCZ3   Cocoa Dec 2003                               1167        11  +0.93

LOSERS

NGJ2   Henry Hub Natural Gas Apr 2002              2.079    -0.110  -5.05
PAM2   Palladium Jun 2002                         377.00    -14.15  -3.65
AGM2   Silver 1,000 oz. Jun 2002                   4.192    -0.147  -3.39
RAM2   South African Rand Jun 2002              0.084175 -0.002550  -3.00
XOH2   Oats Mar 2002                             187 1/2    -5 3/4  -2.98
XWH2   Wheat Mar 2002                            291 1/4        -8  -2.68
PBG2   Frozen Pork Bellies Feb 2002               74.725    -2.000  -2.60
KWH2   Wheat Mar 2002                            288 3/4    -7 1/4  -2.45
HGM2   Copper Jun 2002                            0.7085   -0.0170  -2.36
WN2    Wheat Jul 2002                            295 1/2        -7  -2.31

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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.
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WINNERS

TESTV  TEST SECURITY                             57.9700   16.5500  +40.02
XOSY   IXOS SOFTWARE ADS                          6.3500    1.0100  +18.91
ROOM   HOTEL RESERVATIONS NTWK'A'                52.2500    7.9090  +17.87
TVLY   TRAVELOCITY.COM INC                       26.6000    3.7600  +16.53
NWRE   NEOWARE SYSTEMS                            8.0200    1.0900  +15.68
RNBO   RAINBOW TECHNOLOGIES                      12.2500    1.6000  +15.09
SNOW   SNOWBALL.COM INC                           7.0000    0.8500  +13.82
XRX    XEROX CORP                                  11.24      1.30  +13.13
ASW    A.C.L.N. LTD                                 9.00      1.02  +12.78
MDCI   MEDICAL ACTION INDUSTRIES                 17.5700    1.9900  +12.70

LOSERS

WWCA   WESTERN WIRELESS'A'                        9.9000   -5.5300  -36.31
ELN+B  ELAN CORP PLC WTS CL B                      14.50     -6.05  -28.81
NOVT   NOVOSTE CORP                               8.1800   -3.1790  -28.31
EXLT   EXULT INC                                  8.7400   -3.2500  -27.11
AFFX   AFFYMETRIX INC                            30.9300   -5.8500  -15.90
ACRT   ACTRADE FINANCIAL TECH LTD                22.7500   -3.5790  -13.45
FWC-A  FOST WHEELER PFD CAP TR I 9%                 5.99     -0.85  -12.41
MXT    METRIS COS INC                              14.25     -2.00  -12.30
HPLA   HPL TECHNOLOGIES                          12.2000   -1.6500  -11.96
PCCC   PC CONNECTION                             11.7800   -1.5400  -11.80
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