* JIM'S MARKET THOUGHT OF THE DAY *

Gold on Wednesday led a surge of "fund" buying across most of the raw commodities futures markets. Corn hit a 10-year high, soybeans hit a nearly four-year high, and crude oil closed above $60.00 a barrel. The Continuous Commodity Index is again closing in on a 30-plus year high. Of course, this is good news for the commodity market bulls, as more gains in those markets are likely in the near term. However, it's not so good news for the Treasury market bulls. Inflation, including raw commodity price inflation, is the arch enemy of the bond market bulls. For stock index traders, rising commodity prices also tend to favor the bearish camp, as inflationary pressures could lead to rising interest rates.--Jim

U.S. STOCK INDEXES

The stock indexes are slightly higher in quiet early morning electronic trading. The stock index bulls still have the firm overall near-term technical advantage and there are no early technical clues markets are near a top.

March S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral early today. Today, shorter-term technical support comes in at Wednesday's low of 1,454.50. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at this week's low of 1,452.20. Upside resistance for active traders today is located at the contract high of 1,463.70 and then at 1,465.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH S&P 500:

Pivot:------------ 1,459.25
1st Support:------ 1,455.70
2nd Support:------ 1,451.00
1st Resistance:--- 1,464.00
2nd Resistance:--- 1,467.55

March Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at Wednesday's low of 823.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at 820.00. On the upside, short-term resistance is seen at the contract high of 829.50. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at 835.00. Wyckoff's Intra-Day Market Rating: 6.0

PIVOT POINT LEVELS FOR MARCH RUSSELL 2000:

Pivot:------------ 826.75
1st Support:------ 824.75
2nd Support:------ 821.00
1st Resistance:--- 830.50
2nd Resistance:--- 832.50

March Dow: For today, sell stops likely reside just below support at Wednesday's low of 12,725 and then more stops just below support at 12,700. Buy stops likely reside just above shorter-term technical resistance at Wednesday's high of 12,787 and then at the contract high of 12,815. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR MARCH DOW:

Pivot:------------ 12,757
1st Support:------ 12,726
2nd Support:------ 12,695
1st Resistance:--- 12,788
2nd Resistance:--- 12,819

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker early today, as a bearish CPI report on Wednesday has spooked the bulls a bit.

March U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are still bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are bearish early today. Shorter-term technical resistance lies at the overnight high of 111 15/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at last week's high of 111 27/32. Shorter-term technical support lies at Wednesday's low of 111 4/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 even. Wyckoff's Intra-Day Market Rating: 4.0

PIVOT POINT LEVELS FOR MARCH T-BONDS:

Pivot:----------- 111 15/32
1st Support:----- 111 4/32
2nd Support:----- 110 26/32
1st Resistance:-- 111 25/32
2nd Resistance:-- 112 4/32

March U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are bearish early today. Buy stops likely reside just above shorter-term technical resistance at the overnight high of 107.18.5, and more buy stops are likely located just above resistance at last week's high of 107.26.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at Wednesday's low of 107.12.5, and then more sell stops just below support at 107.08.0. Wyckoff's Intra Day Market Rating: 4.0

PIVOT POINT LEVELS FOR MARCH T-NOTES:

Pivot:------------ 107.19.0
1st Support:------ 107.13.0
2nd Support:------ 107.07.0
1st Resistance:--- 107.25.0
2nd Resistance:--- 107.31.0