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This will do a 302 redirect which search engines should not penalize you for
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Search engines do penalize for excessive use of 302, because a 302 redirect is supposed to be temporary.
What's on your front page that you don't want seen? I would suggest to get a rss feed from your news section and add it to your front page, with links to your different stories. A little simpler and much better for
SEO since you have updating content on your website.