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by 6/9/2000 8:44 AM
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With today's benign Producer Price Index report, the Nasdaq-100 Trust (QQQ - 93-1/4) is due to open sharply higher this morning. The September Nasdaq-100 futures contract (ND/U0 - 3865.0) is currently trading up 75 points from yesterday's close. A key level to watch today on the QQQ will be the 95 mark, as the June 95 call is the site of peak call open interest for the QQQ. Just under 21,700 contracts of open interest reside at this level. So far this week, the 95 level has been difficult to surmount.
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by 6/9/2000 8:32 AM
Stocks quoted in this article:
Overseas markets traded tentatively following a European rate hike and the anticipation of this morning's U.S. Producer Price Index report. Eleven of 18 world markets are higher thus far and overseas markets are up an average of 0.14 percent. The top four major markets and their respective returns are Hong Kong (HKIND - 16120), up 1.53 percent; Spain (IBEND - 10954), up 1.43 percent; Italy (MILND - 32035), up 0.63 percent; and Australia (SYIND - 3101.9), up 0.60 percent. The bottom four major markets and their respective returns are Singapore (SIIND - 2042.6), down 0.86 percent; Japan (NIKKEI - 16861.9), down 0.84 percent; Denmark (CSIND - 293.17), down 0.84 percent; and South Africa (JIIND - 8499.2), down 0.35 percent.<
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by 6/8/2000 3:44 PM
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According to the Commerce Department, wholesale inventories increased again in April, as wholesalers continued to stockpile goods. Wholesale inventories rose by 0.8 percent in April, to $316.63 billion. This was the 15th consecutive monthly increase, bringing the year-over-year rise to 8.1 percent. Inventory increases were broad, spanning most industries. However, the inventory-to-sales ratio remained 1.28 for the fourth consecutive month, indicating that demand is keeping pace with inventory growth. <
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by 6/8/2000 3:08 PM
Stocks quoted in this article:
Quanta Services (PWR - 58-3/16) provides installation, repair, and maintenance services for electronic, telephone, cable TV, and data lines. The stock notched its second straight all-time intraday high today, muscling past potential technical resistance from its former highs near the 57-58 level. The equity got a boost yesterday on news that it will be added to the S&P MidCap 400 Index. PWR will replace Starbucks (SBUX - 35), which got promoted to the S&P 500 Index (SPX - 1460.87). PWR’s 10-day and 20-day moving averages are on the verge of a bullish cross. The last such cross on April 27 resulted in an explosive 45-percent rally over the following six sessions. The stock has held up well during the recent market volatility, holding steadily to its 10-week moving average for support. <
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by 6/8/2000 2:55 PM
Stocks quoted in this article:
This morning, Terra Networks’ (TRRA - 42-9/16) shareholders approved a capital increase that will go toward financing the company’s purchase of Lycos (LCOS - 65-1/8). TRRA is down three percent on the news, and LCOS is off by just over one percent. With today’s decline, LCOS has returned to the support of its uptrending 10-day moving average. Option activity has been heavy on this Internet portal this afternoon, as 5,178 call contracts have traded at the June 70 strike. Open interest on this option stands at 5,047 contracts. Currently, this is among the most-active calls on the AMEX.
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