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by 8/30/2000 4:23 PM
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The nearby Crude Oil futures contract (OIL - 33.32) has made yet another high, its second in three days. OIL has risen sharply since July 31, when it made a near-term intraday low of 27.36. Over the past five weeks, the 21-percent rise has been fueled mostly by concerns over low oil stocks and complacency regarding continued production increases by the Organization of Petroleum Exporting Countries (OPEC).

Prices initially fell today on rumors that OPEC would raise production levels at its September 10 meeting. However, yesterday's report by the Energy Information Administration (EIA) showed that demand for oil was greater in June than previously estimated. That, coupled with the announcement that commercial crude oil stocks at the end of June were at a 24-year low, caused prices to move higher late in the day. In related index action, the CBOE Oil Index (OIX - 307.16) and the CBOE Oil Service Index (OSX - 134.56) each finished down about one percent for the day.<
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by 8/30/2000 2:42 PM
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This morning's USA Today reported that online auctioneer eBay (EBAY 60-1/8) is prepared to launch a U.S. television ad campaign in the upcoming weeks as part of an accelerated marketing campaign. This will be the first such intense ad blitz since the company was born five years ago. The stock is in dire need of a boost, as it has relinquished over 50 percent of its share value since late March. Today, the stock has logged an additional 1.6-percent loss. <
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by 8/30/2000 1:26 PM
Stocks quoted in this article:
The S&P Insurance Index (IUX 712.32) has stepped up by more than 14 points, or over two percent, this afternoon to climb back above its 10-day and 20-day moving averages. The index has pushed ahead by nearly 19 percent since its near-term intraday bottom on June 22. The IUX is trading above all of its key intermediate-term and long-term moving averages.

Top index components today include Lincoln National (LNC 50-13/16), up 7.4 percent; Hartford Financial Services Group (HIG 65-3/8), up five percent; Jefferson-Pilot (JP 64-3/4), up 4.8 percent; AFLAC (AFL 54-7/16), up 3.8 percent; Cincinnati Financial (CINF 38-11/16), up 3.3 percent; UnumProvident (UNM 21-7/16), up 3.3 percent; American General (AGC 72-3/4), up 3.2 percent; and MBIA (MBI 64-3/16), up three percent.

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by 8/30/2000 12:19 PM
Stocks quoted in this article:
The Nasdaq-100 Trust (QQQ - 98-3/8) has quietly tacked on about 10 percent during August, using its 10-day moving average as support over the last three weeks. This week, the QQQ has become sandwiched between the support of its 10-day trendline and potential resistance in the form of the round-number 100 level. Not only could 100 be a tough psychological level to overcome, it is also the site of over 11,000 contracts of call open interest in the September series.
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by 8/30/2000 12:16 PM
Stocks quoted in this article:
Juniper Networks (JNPR - 211) is gracing the Nasdaq new-highs list again today. Aiding today's rally today is news that JNPR will join the Nasdaq 100 Index (NDX 3939.24) and the Nasdaq-100 Trust (QQQ - 98-3/16) on September 7. JNPR will replace VISX (VISX - 27-3/16), which is being delisted from the Nasdaq market. JNPR shares have added over 50 percent in the month of August.
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