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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 693.87

-0.2%

Jan 13 4:00 PM EST

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To: Johnny Canuck who wrote (38546)	12/10/2002 11:38:35 AM
From: Johnny Canuck	Read Replies (1) of 69722

11:21 ET Homebuilders hurt by WSJ story on down payment practices: KBH, BZH mentioned The Wall Street Journal reports that a program that in effect allows homebuilders to gift down payments to customers is coming under scrutiny. Critics call the practice an end-run around sound lending policy and a possible force for housing price inflation, as some sellers jack-up price to offset the expense of the gifts. A recent audit by Housing & Urban Development's inspector general suggested that mortgages made through the gift programs carry default rates far above average. Article states that about 38% of Denver-area sales by KB Home (KBH 39.68 -2.35, -5.6%) have been made with down-payment grants this yr. Beazer Homes (BZH58.41 +2.14, -3.4%) is also mentioned in article as a participant in this program. 11:15 ET AMAT Applied Materials pushes intraday high (14.28 +0.58) -- Technical -- Stock pushes towards its intraday high. From current levels, look for initial resistance at 14.65 followed by additional overhead at 14.90. The favorable intraday tone would be placed in question on a failure to hold very near-term support at 14.10.

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