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To: 2MAR$ who wrote (94)	6/18/2001 1:27:55 PM
From: 2MAR$	Respond to of 208838

MARKET TALK: Home Building Holding On ...and? Edited by Thomas Granahan Of DOW JONES NEWSWIRES (Call Us: 201 938-5299; All Times Eastern) MARKET TALK can be found using code N/DJMT 1:24 (Dow Jones) The National Association of Home Builders' housing market index edged up to 58 in June from a downward-revised level of 56 in May. Consistent with a recent pickup in new mortgage applications, the index shows home-building, at least, holding on, and possibly supplying the economy with a little more strength to offset manufacturing weakness. (JM) 1:15 (Dow Jones) Note to Fed: Hurry up and stop cutting rates so stocks can start moving higher! Merrill's Chris Callies says CFOs and corporate decision makers might be using Fed policy as a signaling device, reasoning that rate cuts imply poor business conditions (that makes sense.) If that's the case, the end of Fed stimulus might be interpreted as a signal of an inflection point in demand. "Thus the beginning of a new capital spending cycle may arise from the end of a supportive Fed," she says. (TG) 12:58 (Dow Jones) Hilliard Lyons' technician Dick Dickson is starting to see signs current correction could be close to an end. Support on DJIA is 10560, 1200 on S&P 500, and 2000 on Nasdaq Comp. One warning, though: a heavy volume break and close below these levels will probably mean more downside, in which case next targets would be 10300, 1180, and 1800. That's worst-case scenario, he adds. (TG)