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by 11/7/2000 9:19 AM
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With the presidential race destined to go down to the wire, it will be interesting to watch the gyrations in the AMEX Pharmaceutical Index (DRG - 426.0) today as election returns become available. Currently, the index is positioned a chip shot from an all-time high. The DRG has receded in the past week but has found support from its 20-day moving average. Conventional wisdom holds that a George Bush win would benefit pharmaceutical companies, while an Al Gore victory may place pressure on the group.
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by 11/7/2000 9:14 AM
Stocks quoted in this article:
Starbucks (SBUX - 46-3/4) stealthily moved to an all-time high last Friday, moving above the 45 mark, a level that provided resistance in March. Yesterday the stock pushed to another new high of 48-3/16 before reversing to close fractionally lower for the day. From a longer-term technical perspective, SBUX has found reasonable support from its 20-month moving average since mid-1995. Despite the rally in the security, short-interest speculators remain willing to bet against the stock. Currently, the short-interest ratio stands at 4.8 times the average daily volume, the highest such reading over the past 18 months.
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by 11/7/2000 9:05 AM
Stocks quoted in this article:
Philip Morris (MO – 34-7/8) will be a stock to watch in today's trading. The stock finished fractionally lower in Monday's trading but was able to find support in the form of its 20-day moving average. Late Friday, the Street learned that the appeal of the $145-billion, class-action judgement against big tobacco would be sent back to a state court, a move generally considered unfavorable to tobacco companies. Adding to the uncertainty surrounding the tobacco industry is the tight presidential election.

Option activity in the November series on MO was fairly mixed yesterday. The most active front-month option was the November 32-1/2 put. Nearly 4,900 contracts changed hands on the option, with approximately 3,800 contracts of the volume translating into open interest. <
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by 11/6/2000 5:33 PM
Stocks quoted in this article:
Turnstone Systems (TSTN - 10-3/8) provides loop management solutions. Its solutions enable local exchange carriers to deploy and maintain digital subscriber line (DSL) services.

I have found that in a weak stock, one bearish chart gap is usually followed by a second. Such was the case today as the company guided analysts lower on its fourth-quarter revenue. The shares opened down 16-1/2 points and were unable to fill this gap today, creating the second bear gap. To get the report from the horse's mouth click on Turnstone Guides Investors . The company will give guidance on it first quarter 2001 during a conference call concerning the fourth-quarter shortfall. The shares are currently down by over 60 percent in today's market.

Prior to the announcement, the shares had been consolidating along the 20 level and appeared to be reversing course upward. Friday's close actually had the stock closing above its downtrending 20-day moving average for the first time since September 1. The high for the day coincided with the site of peak front month open interest option, the November call at the 30 strike.

Despite the plunge in the shares today, the November 15 call saw volume of 442 contracts on no open interest.
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by 11/6/2000 5:15 PM
Stocks quoted in this article:
For the 14th consecutive quarter, Cisco Systems (CSCO - 55-1/8) released earnings that exceeded analysts' estimates by a penny per share. Sales came in at the high end of expectations at $6.5 billion. Analysts, however, are anxiously awaiting CSCO's conference call, during which the company will provide its outlook for the second quarter and fiscal year 2001. The conference call is scheduled to begin at 4:45 p.m. eastern time.
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