I have run the setuptex.bat just before running context, but the problem still  :-(
 > Date: Mon, 15 Apr 2013 14:19:11 +0200
> From: luigi.scarso@gmail.com
> To: ntg-context@ntg.nl
> Subject: Re: [NTG-context] Sadness from a Windows ConTeXt user
> 
> hm, have you seen the file setuptex.bat in the tex folder ?
> You have to  call it before to start using  context.
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