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by 1/3/2001 2:22 PM
Stocks quoted in this article:
The surpise rate cut by the Fed led to a monster rally immediately after the afternoon announcement. It is interesting that on an intraday basis, however, that some major indices ran into technical resistance. For example, the Dow Jones Industrial Average (.INDU - 10,882) stalled at the 11,000 millenium mark, site of the November 6, 2000 peak. The Nasdaq Composite (COMP - 2,529) stalled at 2,568. This is significant because the 2,566 area marks one-half of the COMP peak in March 2000. Finally, the Nasdaq 100 Trust (QQQ - 61) ran into resistance at its 20-day moving average,sitting just below 64. These are all key levels to evaluate on a short-term closing basis.
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by 1/3/2001 1:22 PM
Stocks quoted in this article:
Fed Cuts Funds Rate 0.50-Pt; Cuts Discount Rate 0.25-Pt Fed Still Sees Risks Weighted Toward Economic Slowdown. The COMP has risen more than 100 points since the news release. <
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by 1/3/2001 10:44 AM
Stocks quoted in this article:
Monthly construction spending figures released this morning show a 0.6 percent decrease for November. This was the largest decline since July and a softer number than expected. October's figure was also revised from a previously reported 0.9 percent increase to a 0.8 percent increase.

The decline was largely due to less spending on government projects because spending on new single family residences actually increased slightly. <
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by 1/3/2001 9:36 AM
Stocks quoted in this article:
The GSTI Software Index (GSO - 245.38) took it on the chin yesterday, amid the carnage in the tech market. The GSO declined nearly thirteen percent en route to its lowest level since August 1999. Big-cap software names accounted for the brunt of the decline. Oracle (ORCL - 26-3/8) was down over nine percent. Adobe Systems (ADBE - 46-47/64) and EMC Corp. (EMC - 54-5/16) were down 20 percent and 18 percent respectively. On the brighter side, after losing 63-percent of its value during 2000, Microsoft (MSFT - 43-3/8) finished the first trading day of 2001 unchanged.
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by 1/3/2001 9:34 AM
Stocks quoted in this article:
Southwest Airlines (LUV - 33.46) will be a stock to watch in this morning's trading. A major brokerage house cut their near-term rating on the stock to "accumulate" from "buy". LUV was an outstanding performer in the year 2000, adding over 100-percent to its value. Over the past five months, the shares have been technically strong, using their 10-week and 20-week moving averages for support.<
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