Message-ID: <2341218.1075855351035.JavaMail.evans@thyme> Date: Wed, 26 Dec 2001 15:11:20 -0800 (PST) From: evening@ino.com To: mike.grigsby@enron.com Subject: Trader, Wednesday CRB +1.90 USD -0.24 S&P +4.72 DOW +52.73 NAS +16.22 Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: INO.com X-To: Grigsby, Mike X-cc: X-bcc: X-Folder: \Michael_Grigsby_Jan2002_1\Grigsby, Mike\Deleted Items X-Origin: Grigsby-M X-FileName: mgrigsb (Non-Privileged).pst 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 A complimentary service from INO.com ( http://www.ino.com/ ) Wednesday: The CRB Index has gained 1.90 points to 193.49. The US Dollar Index moved lower 0.24 points to 117.85. The Dow Industrials moved up 52.73 points, at 10088.07, while the S&P 500 moved up 4.72 points, last seen at 1149.37. The Nasdaq Composite edged higher by 16.22 points to 1960.70. _____________________________________________________________________ TWO FREE VIDEOS ON OPTIONS TRADING! Learn How To Optimize Your Stock Portfolio With Options http://www.ino.com/specials/oic/video.html _____________________________________________________________________ FED-UP INSIDER REVEALS HOW TO . . . Triple Your Money With Amazing Real-Money-Proven System! _____________________________________________________________________ . . . Guaranteed or it's FREE! http://store.ino.com/sale/1E78A/TWMM-Marksman Dear Trader: I've seen his actual in-the-market results. Lee made a $7,675 profit after commissions. The day before was a cool $17,302 profit, again, after commissions. This is one of the easiest and most reliable systems to implement I've every encountered. $24,977 IN 48 HOURS! This is typical of Lee's enormous trading results. He often makes more each week than most people make in a year! YOU CAN DO IT! >>> Automatic, fully-defined technique can be used by anyone. >>> Lee successfully taught over 100 traders and made them winners. >>> One Texan has seen $6,500 grow to over 1/3 of a million dollars. >>> An Australian lays claims to 110 winning trades in a row. >>> A St. Louis trader had his first six-figure trading year ever. >>> Another new trader turned $7,800 into over $29,000. More Information and Special Guarantee Offer at: http://store.ino.com/sale/1E78A/TWMM-Marksman Click here for Marksman! Order Toll Free 800-538-7424 - 410-867-7424 All claims on third-party products are made by the publisher and not by INO.com. All Products Guaranteed. _____________________________________________________________________ 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 http://quotes.ino.com/exchanges/?c=indexes Stock indexes were higher on Wednesday due to strength in technology stocks. However, light profit taking ahead of the close tempered some of today's gains leaving the door open for sideways trading on Thursday. The NASDAQ remains above the 25% retracement level of this fall's rally crossing at 1905.53. Momentum indicators remain bearish signaling that sideways to lower prices are possible into early-January. The March S&P 500 index also closed higher on Wednesday but ended the day near mid-range, which leaves the door open for sideways trading on Thursday. March continues to rebound off the 25% retracement level of this fall's rally crossing at 1120.66. However, closes above December's high crossing at 1176 are needed to renew this fall's rally. Until then, March may decide to correct more in time than price, which would be long-term bullish. The Dow closed higher on Wednesday as better-than-expected holiday retail sales from Wal-Mart and Yahoo! Underpinned today's rally. Tech stocks found light support as investors bought on the hope that this sector and the economy would benefit from consumer's willingness to buy. Wal-Mart stock rose $1.11 per share to $58.24. Yahoo! Also rose by $1.13 to $17.80 after the online company reported holiday sales rose by 86% from the previous year. The Dow fell just short of testing its early December high of 10,169.40. Closes above this resistance level are needed to renew this fall's rally. The Dow closed just below the 62% retracement level of the May/September decline crossing at 10,094.10 at 10,088. INTEREST RATES http://quotes.ino.com/exchanges/?c=interest March T-bonds closed lower on Wednesday due to strength in the equity markets. March opened lower and extended losses throughout the session as it extended its setback off last week's high, which spiked above this fall's downtrend line. Until March bonds close above December's reaction high crossing at 102-05, the near-term trend will remain sideways possibly into early-January. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. The CRB INDEX http://quotes.ino.com/exchanges/?c=indexes The CRB index closed sharply higher on Wednesday due to strength in cattle, precious metals, fiber, and energies. Today's new high close for December has set the stage for a possible test of the 25% retracement level of this year's decline crossing at 194.76. Closes above this resistance level and this year's downtrend line crossing near 195.35 are needed to confirm that a major bottom and trend change has taken place. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible into the early-January. ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy The energy markets closed sharply higher on Wednesday, as OPEC appears more certain of announcing on Friday an output cut of 2 million barrels of crude oil per day beginning January 1. February crude oil closed sharply higher on Wednesday and above the previous reaction high crossing at 21.05 thereby opening the door for a larger-degree rebound into January. Session highs fell short of testing the 38% retracement level of this fall's decline crossing at 21.77. If this resistance level is cleared, November's high crossing at 22.83 is a possible target in early-January. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. February heating oil closed into new highs for December on Wednesday thereby negating the possibility that last week's high marked a double top. Wednesday's high-range close opens the door for additional gains into early-January with November's reaction high crossing at 64.35 being the next likely upside target. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near- term. February unleaded gas soared to new highs for December as they exceeded minor resistance crossing at 57.90 and filled November's gap at 59.80. Today's high-range close sets the stage for follow-through buying on Thursday. If the rally continues, November's high crossing at 62.31 is February's next target. Momentum indicators are becoming overbought but remain bullish signaling that additional gains are possible into early-January. February Henry Hub natural gas closed slightly higher on Wednesday thereby confirming last Friday's breakout above this fall's downtrend line. Extended weather forecasts are calling for below normal temps to persist across the Midwest and eastward through the weekend before a small warm up is possible. Unless there is an extended period of time of below normal temps across high demand regions of the country, upside potential remains limited due to the abundant supplies of natural gas in storage. Short-term momentum indicators are bullish signaling that sideways to higher prices are possible into early-January. If the rebound continues, November's reaction high crossing at 3.165 is February's next target. CURRENCIES http://quotes.ino.com/exchanges/?c=currencies The March Dollar closed slightly lower on Wednesday due to light profit taking as it consolidated some of Monday's gains. Nevertheless, March remained above broken resistance marked by November's high, which crosses at 118.27. If the rally continues, the 75% retracement level of this summer's decline crossing at 119.57 is March's next upside target. Trend-following indicators such as the ADX are entering bullish trend modes signaling that sideways to higher prices are possible into early-January. The March Swiss Franc closed slightly higher on Wednesday due to light short covering after spiking below September's low crossing at .5860 in early trading. Today's high-range close leaves the door open for additional short covering on Thursday. However, the recent breakout below this fall's trading range has opened the door for sideways to lower prices into early-January. If the decline continues, fib support crossing at .5722 is March's next target. The March Canadian Dollar closed lower on Wednesday and below the 75% retracement level of November's rally crossing at .6273. Momentum indicators are bearish signaling that sideways to lower prices are possible into early-January. If the decline continues, November's low crossing at .6230 is March's next target. The March Japanese Yen plunged to new contract lows on Wednesday as it continues to accelerate towards monthly fib support crossing at .7568. The daily ADX is bearish signaling that additional weakness is possible into early- January. PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals February gold closed higher on Wednesday as it extended its rebound off last week's low. Closes above last week's high crossing at 281.40 are needed to renew February's rebound off December's low. Closes above November's high crossing at 283.30 would open the door for a larger-degree rebound as the new year begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible into early-January. March silver closed slightly lower on Wednesday due light profit taking as it consolidated some of its recent gains. If the rally continues, the 62% retracement level of this fall's decline crossing at 4.51 is March's next target. Stochastics and the RSI are very overbought however, the ADX is bullish signaling that additional gains are possible into early-January. March copper closed higher on Wednesday as it extended last Friday's rebound off the 50% retracement level of November's rally crossing at 67.50. Closes above the reaction high crossing at 69.45 are needed to confirm a bottom has been posted. Short-term momentum indicators are turning bullish signaling that sideways to higher prices are possible into the end of the year. GRAINS http://quotes.ino.com/exchanges/?c=grains March corn closed lower on Wednesday as they broke out below November's low at 2.10 1/4 to post a new contract low. While a short covering bounce is possible on Thursday, the door has been opened for a possible test of weekly support crossing at 2.04 1/4 later this winter. Short-term momentum indicators are bearish signaling that sideways to lower prices are possible into early-January. Today's sell off was triggered from increased fears that Argentina will be an aggressive seller of wheat and corn early next year due to their precarious economic and political situation. Additional pressure came from uncertainty over China's corn supply situation, which paints a bearish picture for U.S. corn exports. March wheat closed lower on Wednesday due to fund selling. Spillover weakness from corn and soybeans along with lackluster wheat export shipments weighed on prices throughout the day. March wheat is challenging minor trendline support drawn across this month's lows, which crosses near 2.83. Closes below this support level would open the door for a test of December's low crossing at 2.77 and then this fall's low at 2.73 later this winter. While there was some talk about a lack of snow cover across the Plains, which could lead to possible winter kill, temps would have to remain below normal for a few weeks before these concerns are taken seriously by the market. Today's decline turned stochastics and the RSI bearish signaling that sideways to lower prices are likely into early-January. SOYBEAN COMPLEX http://quotes.ino.com/exchanges/?c=grains January soybeans closed sharply lower on Wednesday, as South American weather is not considered a major threat to big crops at this point in time. Additional pressure came from political and economic uncertainty in Argentina. Trading volume was light today as it did not take much selling to push the market sharply lower on the day. The low-range close leaves the door open for additional selling on Thursday. Closes below this fall's low crossing at 4.26 1/4 would renew the larger-degree downtrend while opening the door for a possible test of weekly support crossing at 4.17 1/2 later this winter. January soybean meal closed lower on Wednesday thereby confirming last Friday's downside reversal. Today's sell off was somewhat of a surprise to the market given the below normal temps, which have moved across the Midwest since the weekend. Extended weather forecasts are calling for below- normal temps to continue for the next 10-days. Despite this bullish weather forecast, Wednesday's low-range close sets the stage for follow-through weakness on Thursday. Closes below December's low crossing at 147.60 would renew this fall's decline while opening the door for a possible test of May's low crossing at 146. LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock February hogs closed lower on Wednesday due to light profit taking as it consolidated some of its recent gains. Today's round of profit taking may continue into Friday's quarterly hogs and pigs report due out Friday after the close. Pre- report estimates are as follows. All hogs and pigs 99.9% (range 98.9-101%) Kept for breading 99.3% (range 98.5-101.5%) Kept for marketing 100.1% (range 99-101%) Trading is likely to remain subdued on Thursday with cash bids called steady to firmer. Multiple closes above this summer's downtrend line crossing near 56.40 are needed to keep February's rally off December's low alive. Stochastics remain bullish signaling that sideways to higher prices are possible into early-January. February cattle closed modestly higher on Wednesday due to a late-session rally triggered by hopes for higher cash bids later this week. Additional support came from expectations that this week's Showlists would be lighter than last week. Gains were limited due to futures premium to the cash market. Momentum indicators remain bullish signaling that sideways to higher prices are possible into early-January. If the rally off December's low continues, this fall's high crossing at 73.50 is a potential target later this winter. FOOD & FIBER http://quotes.ino.com/exchanges/?c=food The coffee market was closed today. Here is a recap of last Friday's trade. March coffee closed sharply lower on Friday as it posted a key reversal down ahead of the Christmas Holiday weekend. Locals and funds were late sellers as they took advantage of thin pre-holiday trading volume. Additional weakness next week is needed to confirm today's bearish reversal pattern. Closes below 44.75 would confirm a breakout into new contract lows thereby opening the door for a possible test of psychological support crossing at 40- cents later this winter. The cocoa market was closed today. Here is a recap of last Friday's trade. March cocoa posted a quiet inside day with a slightly higher close on Friday as it continues to consolidate below Wednesday's gap crossing at 1297. Momentum indicators have turned bearish with this week's setback thereby increasing the odds that a short-term top is in place. If the decline resumes next week, December's low crossing at 1212 is March's next target. Closes below 1212 would open the door for a larger-degree decline into January. The sugar market was closed today. Here is a recap of last Friday's trade. March sugar posted an inside day with a slightly higher on Friday as it extended Thursday's short covering bounce following this week's spike below the 50% retracement level of this fall's rally crossing at 698. Momentum indicators remain bearish signaling that sideways to lower prices are possible into early-January. I am looking for March to renew this week's decline next week with November's low crossing at 661 being a possible target later this winter. March cotton closed modestly higher on Wednesday due to light speculator buying however, trading volume was thin and is expected to be that weigh for the balance of the week. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible into early January. Closes above 37.60 or below 34.91 are needed to clear up near-term direction in the market. Daily Extreme Commentary is brought to you by GLOBALcharts, INO.com's end-of-day charting software for Futures, Futures Options and Optionable Stocks. http://www.globalcharts.com Search the INO Store - http://store.ino.com/ _____________________________________________________________________ I N O N E W S _____________________________________________________________________ Mark F. Duffy Re-elected CBOE Vice Chairman http://news.ino.com/press/?release=27658 Thursday's Natural Gas Trading To Be Extended By 15 Minutes http://news.ino.com/press/?release=27657 NYBOT Announces New Coffee Bagging Procedures http://news.ino.com/press/?release=27655 Fee Reduction For Globex FX Spreads Takes Effect Jan. 2 http://news.ino.com/press/?release=27654 ____________________________________________________________________________ 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 XCZ3 Corn Dec 2003 249 20 +7.99 GIF2 Goldman Sachs Commodity Index Jan 2002 175.70 6.50 +3.81 LBN2 Random Length Lumber Jul 2002 268.10 6.00 +2.24 CTN3 Cotton Jul 2003 47.40 0.75 +1.61 RLH2 Russell 2000 Index Mar 2002 492.75 6.50 +1.34 NDM2 NASDAQ 100 Index Jun 2002 1591.00 20.00 +1.26 LHJ2 Lean Hogs Apr 2002 58.875 0.650 +1.11 CRY0 CRB/Bridge index Cash 193.49 1.90 +0.99 EJH2 Euro/Japanese Yen Mar 2002 114.09 1.09 +0.97 BPM2 British Pound Jun 2002 1.4400 0.0134 +0.94 LOSERS WZ3 Wheat Dec 2003 305 -8 1/2 -2.78 LBU2 Random Length Lumber Sep 2002 266.00 -7.00 -2.56 ON2 Oats Jul 2002 156 1/2 -4 -2.49 DBN2 Butter Jul 2002 149.500 -3.500 -2.29 PBK2 Frozen Pork Bellies May 2002 79.500 -1.600 -1.98 NKM2 Nikkei 225 Stock Avg Jun 2002 10400 -200 -1.92 DAK2 BFP Milk May 2002 11.81 -0.22 -1.83 XSF2 Soybeans Jan 2002 428 1/4 -7 1/2 -1.72 BOH2 Soybean Oil Mar 2002 15.58 -0.27 -1.70 XEH2 Soybean Meal Mar 2002 144.9 -2.4 -1.64 *FREE TRIAL-T3 Fibs Pro Trader Software 100% Automated Tops & Bottoms-Any Market Any Time Frame http://www.ino.com/specials/nexgen/protrader.html ____________________________________________________________________________ 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 ASW A.C.L.N. LTD 10.31 2.51 +32.22 ARTD ARTISTDIRECT INC 12.2500 2.1500 +21.29 NVGN NOVOGEN LTD SPONS ADR 7.5100 1.4210 +20.96 EMITF ELBIT MEDICAL IMAGING 6.2200 0.9800 +18.63 OSIS OSI SYSTEMS 19.2000 3.0100 +18.58 OHB ORLEANS HOMEBUILDERS 5.39 0.85 +17.89 FORTY FORMULA SYSTEMS(1985)ADR 17.0000 2.5700 +17.79 TAR TELEFONICA DE ARGENTINA SA NEW 11.29 1.59 +16.55 ARTL ARISTOTLE CORP 7.5200 1.0800 +15.61 ADPI AMER DENTAL PARTNERS 6.7300 0.8800 +15.04 LOSERS CNC-V CONSECO FIN TR V 8.70%'TOPRS' 9.45 -1.77 -16.21 SBSIP SOUTHSIDE CAP TR 8.50% PFD 10.0000 -1.6175 -15.35 IGC INTERSTATE GENL L.P.'A' 5.15 -0.75 -13.64 CNC-T CONSECO FIN TR I 9.16%'TOPRS' 9.75 -1.33 -11.82 MDCI MEDICAL ACTION INDUSTRIES 13.3100 -1.6500 -11.34 TESTB TEST SECURITY 270.9600 -33.9400 -11.13 UNEWY UNITED BUSINESS MEDIA PLC 7.5000 -0.8100 -10.56 IC ICICI LTD ADS 5.71 -0.59 -9.53 DSWT DURASWITCH INDUSTRIES INC 8.0800 -0.8000 -9.14 TTES T-3 ENERGY SERVICES INC 10.0000 -1.0000 -9.09 _____________________________________________________________________ T H A N K Y O U _____________________________________________________________________ Thank you for subscribing to the Extreme Markets Daily Digest from INO.com ( http://www.ino.com/ ). If you want to subscribe to our other email services, or would like to modify your profile please visit http://www.ino.com/email/. To subscribe a friend, visit: http://www.ino.com/email/ To unsubscribe, visit: http://www.ino.com/email/remove/?email=mike.grigsby@enron.com&list=evening -- Copyright 1998-2001 INO.com. All Rights Reserved.