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by 7/27/2000 12:05 PM
Stocks quoted in this article:
National Semiconductor (NSM - 36) has plunged over 36 percent over the past two weeks to reach its lowest level since mid-November. However, the shares have encountered staunch support at their 20-month moving average. The put side is active today on NSM, as 3,600 contracts have crossed the tape on the August 40 put. A 2,100-contract block transacted below the bid, and several mid-sized blocks have changed hands at or near the bid price. This suggests that traders may be initiating put-sell positions or may be liquidating some of the 1,095 contracts open on this option. This is one of the busiest put contracts on the Pacific Exchange.
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by 7/27/2000 12:04 PM
Stocks quoted in this article:
Biotechnology name Celgene (CELG - 49-1/8) is avoiding the broad technology sell-off today and is currently up five percent. This morning, the company reported a second-quarter loss of one cent per share, better than the four-cent loss expected by analysts. Today's move has pushed the shares above their 10-day moving average, a trendline that has served as resistance during the stock's 28-percent decline from its June 22 all-time high. However, the equity appears to be encountering resistance today at its 10-week moving average, and its 20-day moving average looms overhead near the 51 mark. Despite this daunting technical picture, options players are optimistic about CELG's chances. Currently, call open interest is more than 5-1/2 times higher than put open interest on options expiring in the next three months. <
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by 7/27/2000 10:58 AM
Stocks quoted in this article:
With the Nasdaq Composite (COMP - 3863.5) down 3.11 percent and the S&P 500 Index (.SPX - 1449.33) down 0.21 percent today, 22 of the 38 sector indices are in positive territory. Among the indices we follow, one hit a new annual high today and three recorded new annual lows. The top four performing indices today are the PHLX Oil Service Sector Index (OSX - 114.66), up 3.8 percent; the S&P Insurance Index (IUX - 694.14), up three percent; the AMEX Oil and Gas Index (XOI - 478.74), up 2.5 percent; and the AMEX Natural Gas Index (XNG - 182.19), up two percent. The four indices showing the most weakness are the PHLX Semiconductor Index (SOX - 962.8), down 6.9 percent; the CBOE Internet Index (INX - 508.9), down 5.4 percent; the AMEX Disk Drive Index (DDX - 79.47), down 4.9 percent; and the AMEX North American Telecom Index (XTC - 1462.02), down 3.3 percent.<
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by 7/27/2000 9:13 AM
Stocks quoted in this article:
This morning, the Labor Department released the second-quarter Employment Cost Index (ECI) results. Traders were anticipating the results of this closely watched economic indicator, as Federal Reserve Chairman Alan Greenspan recently stated that monetary policy makers will focus intensely on economic data in the coming weeks before making any decision on interest rates. Overall, the ECI came in at estimates with a one-percent increase. After moving briefly into positive territory on the news, the September S&P 500 Futures contract (SP/U0 - 1466.90) is currently off by 2.1 points, indicating a negative open.<
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by 7/27/2000 9:04 AM
Stocks quoted in this article:
This morning, the Commerce Department released the June durable goods results. Durable goods posted their largest increase since July 1991 with a 10-percent advance. Analysts estimated that the figure would come in flat. With June's increase, durable goods orders have advanced in seven of the last eight months. The wide divergence between the actual and estimated results can be attributed in large part to a sharp increase in aircraft orders. Today's numbers may weigh on the markets, as it illustrates that demand for big-ticket items remains strong. In early morning activity, the September S&P 500 Futures contract (SP/U0 - 1466.50) is indicating a moderately lower open.
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