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by 11/1/2000 2:09 PM
Stocks quoted in this article:
The S&P 500 Index cash market (SPX – 1414.82) has quickly fallen back below the 1420.00 area after closing at 1429.40 Tuesday evening. The 1420.00 region is important, as it marked the broader-market index's July bottom and also acted as support in late September, before a close below this area on October 6th led to a 5.5-percent SPX decline over the subsequent week.

On an intraday chart, the 1420.00 level held as support early this morning and the SPX in fact rallied back to yesterday's closing price around 11:20 a.m. The index was subsequently rejected at the breakeven point, however, and has since been in a downtrend.
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by 11/1/2000 1:05 PM
Stocks quoted in this article:
Human Genome Sciences (HGSI - 92-9/16) is moving higher today after a major brokerage house initiated coverage on the shares with a "long-term buy" rating. The stock is approximately 4.5 percent higher in early afternoon trading. From an intermediate-term technical perspective, the stock has been able to hold the support of its 20-week moving average since the beginning of July. Yesterday the shares also received a boost when another brokerage house resumed coverage of the shares with a "buy" rating.
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by 11/1/2000 1:04 PM
Stocks quoted in this article:
The much-maligned Internet sector is bouncing back nicely in today's trading. The CBOE Internet Index (INX - 365.74) is higher by over five percent. With today's rally, the index has poked above its 20-day moving average. If the index is able to close above this trendline, which resides at about 360, it would mark the first daily close above this mark since September 14.
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by 11/1/2000 1:02 PM
Stocks quoted in this article:
Shares of EOG Resources (EOG - 41-7/8) are up over six percent today as index fund managers rush to acquire the shares. EOG became a member of the S&P 500 Index (SPX - 1424.65) this morning, replacing Eastern Enterprises (EFU - 64-7/16). EFU is to be acquired by KeySpan (KSE – 35-3/16) in a deal that is expected to be completed today.

A pair of puts on EOG are active in today's trading. The November 40 and December 40 puts have each seen over 4,000 contracts cross the tape. The activity is probably the result of a single player rolling out a large put position from the November series to the December series. <
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by 11/1/2000 12:54 PM
Stocks quoted in this article:
Construction spending remained robust for the reporting period ending in September. According to the Commerce Department, total construction spending rose 2.4 percent in September, which is significantly higher than analyst expectations of a 0.4-percent advance. The September results pushed the seasonally adjusted annual rate up to $819.3 billion, its second-highest level on record.
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