Friday, March 23, 2007

Existing (Used) Homes Sales Rise

6.69 mln annual rate is better than expected. Mediam home price down by more than 1 percent. Supply of homes also up in February.

This ought to be good for the homebuilders today and perhaps the market in general though it is a Friday.

Keep an eye on the Yen.. futures up 33 points - not a major rise but a factor that could become a problem later in the session.

At 1438 on the S&P - we're bumping up against Wednesday afternoon's highs which is key resistance for the bulls to overcome. If we can sail past 1440 we could see some stronger buy come back in to the picture today. On the other hand, if 1438 proves a brick wall, that could be trouble for the bulls. We'll see.

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