For your example, select the range A7:A13 and set following conditions:
Excel 2003:
Condition 1:
Cell Value is Equal to =MAX($A$7:$A$13) - set format
Condition 2:
Cell Value is Equal to =MIN($A$7:$A$13) - set format

Excel 2007:
Home tab, styles group, click conditional formatting, Top/Bottom rules and
click Top 10 (not 10%) items - in the Top 10 items dialog box, change 10 to 1
and set desired format.
click Conditional Formatting and Top/Bottom rules again and select Bottom 10
items - in the Bottom 10 items dialog box, change 10 to 1 and set desired
format.

Note that if two or more values meet the criteria in either version, they
will all be formatted.

"James Silverton" wrote:

Hello, All!

For a particular use, it would be useful if local minima and
maxima were high-lighted in different colors. In other words, if
say A10 is a local extremum in A7:A13, its font color should
change. I suppose this may be too complicated because of
overlapping formatting. I know I can do what I want using
another column and a chart will also work.

Thanks for any ideas or comments.

James Silverton
Potomac, Maryland

E-mail, with obvious alterations:
not.jim.silverton.at.verizon.not