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by 8/4/2000 4:33 PM
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The Commerce Department released June housing completions data this morning. Although housing completions fell from May, the numbers suggest that they are still growing. Housing completions for June fell 9.7 percent to a seasonally adjusted 1.539 million units. July's increase followed a revised increase of 2.7 percent in May. However, the number is significantly lower than February's revised annualized completion rate of 1.739, the highest rate of housing completions since May 1987. This June's housing completions were seven percent lower than June 1999. The number of units under construction was estimated at a seasonally adjusted annualized rate of 1.022 million units, down 0.2 percent from May. This suggests that some further slowing in housing completions may be in store in coming months.<
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by 8/4/2000 4:19 PM
Stocks quoted in this article:
According to the American Association of Individual Investors, bullish sentiment dropped in their latest weekly online survey of members. The percentage of investors bullish on the stock market dropped to 41.30 percent from 42.86 percent the week before. Bearish sentiment rose to 23.91 percent from 20.00 percent. The percentage of those surveyed with a neutral opinion ebbed a bit to 34.78 percent from 37.14 percent last week. These results match the survey of Consensus, Inc. of Kansas City that recently showed a small drop in bullish percentage. The Investors Intelligence poll has seen the bullish percentage rise in each of the last two weeks. For more information on sentiment polls, please visit Schaeffer's Daily Sentiment.<
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by 8/4/2000 4:04 PM
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This morning's release of July non-farm payrolls and unemployment rate have not given markets the significant boost that many had hoped for. The Labor Department said that non-farm payrolls decreased by 108,000 in July, surprising analysts whose consensus was for an increase of 68,000. This drop in payrolls was the first since January 1996 and was partially attributable to the U.S. Census Bureau's disbanding of much of its legion of census takers. However, the slack was not taken up by private employers, suggesting that the economy is slowing and that the Federal Reserve may not hike rates at their August 22 meeting. The unemployment rate stayed steady at 4.0 percent. <
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by 8/4/2000 4:03 PM
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The Foundation for International Business and Economic Research (FIBER) released results from their leading inflation index today. The FIBER leading inflation index, an index designed to gauge U.S. inflation pressures, fell to 101.6 in July from a revised 103.3 in June. July's increase was due in part to the strong U.S. dollar and falling import and wholesale level prices. FIBER's inflation index was previously compiled by the Columbia University's Center For International Business Cycle Research. <
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by 8/4/2000 3:41 PM
Stocks quoted in this article:
With the Nasdaq-100 Trust (QQQ - 90-1/8) trading fractionally lower this afternoon, the August 90 put is currently one of the most-active puts on the AMEX. The August 90 put has traded over 11,000 contracts, mostly this morning as the QQQ was finding support at 90. The current open interest on this option is 10,305 contracts. Although QQQ closed at 90-7/16 yesterday, it has had trouble surpassing the 90 level. This area of former support from June 2 to July 28 is now serving as resistance, capping advance attempts over the last week.
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