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1. Negative Real Estate Data Hitting the Wires

Paul Rubillo
4/7/2009 2:18 PM EDT

Here is some interesting Equifax (EFX) data just released this morning:

Seven percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50% from a year earlier.

Also, 39.8% of subprime borrowers were at least 30 days behind on their home mortgage loans, up 23.7% from last year.

I'm still not sold on a housing bottom at this point, and the bottom line is that real estate rarely turns on a dime. Plenty of time to get in when it bottoms.

2. Watching IBM

Daniel Shaffer
4/7/2009 1:38 PM EDT

Watch IBM ( IBM) carefully to determine future direction of the Dow and S&P 500. It is heavily weighted in these indices, and just as it helped lead the indices up, IBM could also lead them down. IBM, technically, looks like it is failing off its 200-day down-sloping moving average with a top volume spike last Thursday and Friday. It hasn't been at the 200-day moving average since last September on its breakdown, and this could be just the first test to touch it.

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