Following three straight days of advances the bears reclaimedthe futures market last Friday when early selling pressure piercedthrough several interim levels of support. From that point the routwas on as the February contract plummeted sharply lower inafternoon trading. Only the final bell could halt the decline thatleft the prompt month down 11.4 cent to $1.778.

Sources said the over-the-counter market, which traded lowerbefore the futures market opened, initiated price decay Friday.However, bulls had their chance to arrest the decline, but failedto keep the prompt month above support at $1.86, sources agreed.”Once the 1.86 level was penetrated the market was an easy sell to$1.80,” a marketer commented.

Because of Friday’s double-digit declines, some feel the marketcould be setting itself up for a retest of the February’slife-of-contract low at $1.73 before Wednesday’s expiration. Andthe latest National Weather Service 6- to 10-day forecast onlystands to support that assertion. Above and much-above normaltemperatures are expected for almost the entire country from Jan.28 though Feb. 1. Only Northern New England and parts of Californiaare predicted to see normal temperatures, the NWS said.

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