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(March 15, 2002) LUMBER: May lumber lost $8.60 per thousand board feet to $306.80 and as we had suggested in recent commentaries, we are negative on lumber and were seeking a place to short it. This could easily be the place but due to the extremely light trading volumes relative to other commodities, we would be cautious. Lumber has a tendency to move limits and as such should only be traded by well capitalized clients. We look for prices to decline to the $275-280 level basis the May contract barring any changes in current fundamentals.

John L. Caiazzo
www.acuvest.com
E-mail: futures@acuvest.com

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