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by 12/21/2000 10:44 AM
Stocks quoted in this article:
The CBOE market volatility Index (VIX - 3684) continues to move higher today, as the market flounders. The VIX is currently up 3.19 percent, while the S&P 10 Index (OEX – 661.67) is down .09 percent. The next key levels for the VIX are in the 39-42 range, as 42 coincides with the highs achieved during April's sharp market downdraft. <
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by 12/21/2000 9:51 AM
Stocks quoted in this article:
Yesterday, the March Natural Gas futures contract (NG/H1 - $7.996) reached a new high, taking out the previous high logged on December 11. The contract again used support from its 10-day moving average for this push to new-high territory. In fact, the contract has only closed beneath this trendline once since November 1. Higher natural gas prices are clearly helping the AMEX Natural Gas Index (XNG - 237.80) hold up nicely relative to the broader market. On Tuesday, the XNG moved to levels not seen since its all-time high on September 12. <
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by 12/21/2000 9:51 AM
Stocks quoted in this article:
Cypress Semiconductor (CY - 19-3/16) announced at the end of November that it would re-purchase up to five million of its shares. The company sited the undervaluation of the shares at the time and the stock seemed hesitant to move on the news. Another story hit the wire this morning again announcing that the firm plans to buy back five million shares. The story was not clear if this adds to the total of the buyback, or whether this is simply a reiteration of the original story. With about 130 million shares currently available for trade, the buyback represents an anemic 3.8 percent of this float, and is therefore not an earth-shaking event. If the company is indeed adding another five million shares to its buyback (for a total of 10 million shares), it represents a more exciting 7.69 percent.
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by 12/21/2000 9:49 AM
Stocks quoted in this article:
Brokerage giant Goldman Sachs (GS - 90) reported fourth-quarter earnings on Tuesday before the opening bell. The company exceeded expectations, reporting a profit of $1.50 a share versus a Street estimate calling for $1.38 a share. Earlier this month, the stock was able to push above its overhead 20-day moving average, which had acted as tenacious resistance during the equity's decline since September. This week, GS has been able to gain support from this key moving average.

Yesterday, the January 90 call on GS was active. Over 9,300 contracts crossed the tape on the option yesterday, with about 7,100 contracts of the volume translating into new open interest. <
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by 12/21/2000 9:47 AM
Stocks quoted in this article:
PeopleSoft (PSFT - 33-9/16) shares have been unable to dodge the selling pressure in the broader market this week. The stock lost over 20 percent from its Monday close in Tuesday's and Wednesday's trading. This decline has sent PSFT below its 20-week moving average, a trendline that had been providing support for the shares during their rally in the latter half of this year.

In yesterday's trading, the January 40 put was active. Over 6,000 contracts changed hands on this in-the-money put yesterday. Open interest on the option doubled to approximately 9,300 contracts as a result of the action. <
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