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(March 14, 2002) FINANCIAL INSTRUMENTS: U.S. TREASURY BONDS--New near-term lows, but a weaker than expected U.S. retail sales number, up .3% versus thoughts of up .9%, well below expectations, rallied the bonds. This raised doubts regarding the recovery. Some foreign buying is also said to have taken advantage of the recent break in bonds to come in as a buyer. Weighing on bonds was GE's issuance of $6 billion in bonds, the largest so far this year. The stock market overall seems to be dictating direction, with worries over Iraq adding background support. A rally to the 10028 area cannot be counted out.

M. Steven Morgan

www.commodityreview.com

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