FROSTY FUTURES JANUARY 16, 2003

SPECIAL NOTE
I have listened respectfully to all the market pundits and guru’s I could find. They all have one thing in common, at this point in time. That is, they don’t know squat. Some are bullish, some are bearish, and in the end they will all rationalize what they said. I, my friends, will tell you this. FOLLOW THE MONEY AND DON’T BS YOURSELF.

Crude oil is building a chart pattern that measures directly to 35.00 on the March contract. It has begun its breakout, so unless things are settled in Argentina tonight or tomorrow we can expect to see March crude hit 35.

Feb gold is headed to 360 and then 367. Once again, unless some settlement is at hand relative to Argentina and, in this case, Iraq, gold will hit the measured targets.

The intangibles (Dow, S&P, NDX) are in a state of total uncertainty. The underlying bullish bias remains, barely, intact. Today’s slippage is a warning to those of us who hold to this bullish bias. Caveat emptor.

Grains are in a very small range pattern, beans with a ten-cent above/below range target and wheat slightly less than that.

TECH DATA FOR FRIDAY, JANUARY 17, 2003

DOW R=8750; 8815; 8860; 8900. S=8650; 8590; 8555.

SPX R=923; 927; 935. S=908; 903.

NDX R=1085; 1095. S=1055; 1047; 1040.

MAR TBONDS R=11024; 11108. S=10924; 10916; 10900.

FEB GOLD R=360; 367. S=3553; 348; 345.

MAR SILVER R=489; 493; 495; 515. S=482; 476; 472; 465.

MAR CRUDE R=3500. S=3215; 3160; 3060.

MAR DOLLAR R=10170; 10200. S=10080.

MAR BEANS R=554; 564. S=544; 435.

MAR WHEAT R=318; 325. S=308; 301.

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