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by 1/30/2001 11:28 AM
Stocks quoted in this article:
The AMEX Biotechnology Index (BTK - 658) reached up to touch its 20-week moving average today for the first time in over a month. Our Observation on January 24 noted that this index was at a crossroads. Since then, it would appear that after a brief pullback, the BTK has now broken out of its downtrend. BTK is now trading above its 10-week (equivalent to 50-day) and 10-month (equivalent to 200-day) moving averages.

This does not necessarily mean the coast is clear, however, as it has already pulled back from the site of its 20-week moving average this morning and further resistance could lie ahead. Another key level to watch is 645.8, which is the site of a 50-percent retracement from the September 25 high to the January 8 low.
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by 1/30/2001 10:39 AM
Stocks quoted in this article:
Triton Energy (OIL – 26.15) fell short of earnings expectations by 20 cents per share today, posting earnings of 41 cents per share. The oil and gas exploration and production company's earnings were hit hard by a $36.6 million pretax writedown on onshore and offshore assets in Italy, Greece, and Madagascar. The stock continues to be hindered by its declining 10-day moving average.<
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by 1/30/2001 10:39 AM
Stocks quoted in this article:
Procter & Gamble (PG- 70.82) issued second-quarter earnings today of 93 cents per share, beating Street estimates by a penny per share. The company expects third-quarter earnings of 72 to74 cents per share, falling in-line with analysts' expectations.

From a technical standpoint, the consumer products manufacturer continues to be suppressed by its declining 10-day moving average. The security has not managed a daily close above this trendline since January 8.

According to Schaeffer's put/call open interest ratio (SOIR), investors continue to view the security bearishly, as puts currently outnumber calls. At 1.06, the SOIR reading is higher than 96 percent of all readings taken over the past year.

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by 1/30/2001 10:37 AM
Stocks quoted in this article:
Krispy Kreme Doughnuts (KREM – 68-13/16) debuted on the Nasdaq Exchange in early April 2000 in a successful initial public offering. This saw the equity nearly quadruple in value between its first day of trading and November 2. Since then, the shares have retreated more than 35 percent. This has taken the security below its 10-week and 20-week moving averages.

Today, the stock is seeing heavy trading volume as the result of an additional offering of 2.3 million shares. The lion's share of this stock is being sold by shareholders, with 200,000 shares being doled out by the company itself.

KREM is an optionable stock but is very thinly traded by the speculative crowd. The site of heaviest open interest is the out-of-the-money February 70 call, which is home to 846 contracts.
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by 1/30/2001 8:55 AM
Stocks quoted in this article:
The March Crude Oil Futures contract (.OIL - 29.06) continues to trade amid conflicting technical signals. The contract did pull back and successfully find support at its rising 20-month moving average earlier this month. The contract has hung on to consistently finish above this trendline each month. However, from an intermediate-term perspective, the contract continues to struggle as it attempts to push above its overhead 10-week moving average.
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