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CORE FUTURES
101 First Avenue, Sand Point, Idaho

(March 3, 2002) COFFEE: Coffee, cotton and sugar are all trying to form short-term bottoming patterns while the cocoa and lumber may be running out of steam to the upside. These are pivotal areas in all these contracts. We feel the downside risk is very limited in coffee and sugar, and to a lesser degree in cotton. The funds have large short positions in these markets, and they are susceptible to continued short covering in the months ahead. Cocoa is nearing monthly overhead resistance between here and 1550 and we would be sellers of OTM calls. Lumber, even as thin as it is, is very top-heavy after concluding three drives to a top this past week.

KEY LEVELS--KCK 4600 & 5200

KEY LEVELS--CCK 1400 & 1550

KEY LEVELS--SBK 550 & 630

KEY LEVELS--LBK 3090 & 2800

KEY LEVELS--CT 3500 & 3800

BEST TRADE SETUPS FOR THE WEEK--Buy KC on strength.

J. Mark Kinoff
www.corefutures.com
email: kinoff@corefutures.com

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