
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


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Given that the ellipse C has its axes of symmetry as the coordinate axes, its focus is on the x-axis, its eccentricity is $\frac {1}{2}$, and it passes through the point $(1, \frac {3}{2})$.
(1) Find the equation of the ellipse C;
(2) Let the line $y=kx-2$ intersect with the ellipse C at points A and B, and $\overrightarrow {OM}= \frac {1}{3} \overrightarrow {OA}, \overrightarrow {ON}= \frac {2}{3} \overrightarrow {OB}$, where O is the origin. If the origin O is outside the circle with MN as its diameter, find the range of values for k.

Present the answer in LaTex format: \boxed{Your answer}
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