5-YEAR T-NOTE

Thu 5/23/02

      FVM posted an overall contract high of 106-260 and overall low of 106-110 during yesterday's a/c/e session. The June 5-year T-Note opened higher yesterday and traded sideways to higher the entire session before settling +9 ticks at a contract high settlement of 106-225. FVM posted a pit session high of 106-250 and a pit session low of 106-180. The cash note settled +8 ticks at a 2-week high settlement of 99-26 (4.418%). The 9-day RSI rose to 63.9 where it is neutral. Volume for Tuesday's session was 172,434 while open interest fell -191 contracts to 657,412. Estimated volume for yesterday's session was 235,000. The short-term trend is now bullish with yesterday's contract high and high settlement. The intermediate-term trend is neutral with FVM trading near the top of a 3-month range while the long-term trend is bearish with the March 21st contract low and the March 25th contract low settlement. The primary resistance levels for FVM are: 106-260 and 107- 185. Primary support levels for FVM are: 106-110, 106-030, 105-295, 105-140, 105-035, and 104-175.


BASIS DATA: Cash 4-3/8% note - (FVM02)(.9316) Basis: 13 -1.

SUPPORT/RESISTANCE LEVELS -- 5-YEAR T-NOTE FUTURE (FVM02)

108-040  4-1/8% cash yield (BASIS@13)
107-185  5-1/2 month high weekly nearest (2/25/02 H02)
107-160  4-1/4% cash yield (BASIS@13)
106-290  4-3/8% cash yield (BASIS@13)
106-260  Contract high (Yesterday-a/c/e)
106-250  Yesterday's pit session high
*106-225 Contract high settle (Wednesday)
106-200  Pivot Point
106-180  Yesterday's pit session low
106-140  3-day average
106-110  Yesterday's overall low (a/c/e)
106-100  4-1/2% cash yield (BASIS@13)
106-030  Tuesday's low
105-295  Monday's low
105-230  4-5/8% cash yield (BASIS@13)
105-200  1-month low settle (Last Tuesday)
105-140  1-month low (Last Tuesday)
105-115  100-day average
105-070  50-day average
105-040  4-3/4% cash yield (BASIS@13)
105-035  1-1/4 month low (April 16 & 19)
104-180  4-7/8% cash yield (BASIS@13)
104-175  1-1/2 month low (April 9)
103-310  5-00% cash yield (BASIS@13)
103-180  Contract low settle (March 25)
103-160  1-3/4 month low (Apr 2)
103-125  2-month low (March 25)
103-115  Contract low (Mar 21)

RETRACEMENTS-- 5-YEAR T-NOTE FUTURE (FVM02)
2-month 3-14.5/32 point upmove from 103-115 (Mar 21) to 106-260 (Yesterday)

HIGH    1/4     1/3     .382    1/2     .618    2/3     3/4     LOW
106-260 105-305 105-210 105-160 105-030 104-215 104-165 104-070 103-115

SUPPORT/RESISTANCE LEVELS -- CASH 5-YEAR T-NOTE (4-3/8% 05/07)

104-08  All time high (Nov 1) (3.448%)
104-03  All-time high settle (Nov 7) (3.480%)
104-00  3-1/2% cash yield
103-13  3-5/8% cash yield
102-27  3-3/4% cash yield
102-08  3-7/8% cash yield
101-30  6-month high (Dec 4) (3.943%)
101-22  4-00% cash yield
101-17  5-1/2 month high (Jan 11) (4.038%)
101-06  4-1/4 month high (Feb 22 & 25) (4.110%)
101-04  4-1/8% cash yield
100-18  4-1/4% cash yield
100-08  2-1/2 month high (May 1) (4.319%)
100-00  4-3/8% cash yield
99-29  2-week high (Yesterday) (4.397%)
*99-26 2-week high settle (Wednesday) (4.418%)
99-16  Yesterday's low (4.489%)
99-14  4-1/2% cash yield
98-29  4-5/8% cash yield
98-28  1-1/2 month low settle (Last Tuesday) (4.630%)
98-21  1-1/2 month low (Last Tuesday) (4.680%)
98-11  4-3/4% cash yield
97-26  4-7/8% cash yield
97-25  10-1/2 month low (Mar 25) (4.877%)
97-09  11-3/4 month low (6/29/01) (4.991%)
97-08  5-00% cash yield
96-30  1-1/4 year low (5/25/01) (5.071%)
96-28  1-1/2 year low (1/25/01) (5.091%)

Note: Prior to the auction date of (5/07/02) for the 5-yr cash note (4- 3/8% note of 05/07), a "synthetic" price history is used based on the yield of the benchmark 5-yr note.


RETRACEMENTS-- CASH 5-YEAR T-NOTE:Retracements are calculated from cash
note yield, not price. 6-1/2 month 6-15/32 point downmove from 104-08 (Nov 1) (3.448%) to 97-25 (Mar 25) (4.877%)       39% retrace (May 1st high) 100-08 (4.319%)

HIGH   3/4    2/3    .618   1/2    .382   1/3    1/4    LOW
104-08 102-19 102-01 101-23 100-31 100-06 99-28  99-11  97-25
3.448% 3.805% 3.924% 3.994% 4.163% 4.331% 4.401% 4.520% 4.877%


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