HOVNANIAN ENTERPRISES (HOV-NYSE): Technical Viewpoint: From a low of $30.99 on Aug 12, 2004 prices rallied, reaching a high of $42.17 on Sep 22, 2004. A decline saw prices pull back, reaching a low of $33.78 on Oct 20, 2004. Another rally saw prices penetrate resistance, closing 12/10/04 at $46.35. Technicals: RSI Index (RSI): A Buy Alert! was given on Dec 10, 2004 when the solid line crossed the dotted line to the upside. Support: Remains at $40.50. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Dec 10, 2004. A P&F upside reversal takes place at $44.00. Summary: Technical indicators have turned bullish. BUY! HOVNANIAN ENTERPRISES (HOV-NYSE) @ $47.25 Stop: Use a protective stop of $45.25. HOVNANIAN ENTERPRISES is currently trading @ $46.35 plus $4.25 on Dec 12, 2004. Price Objective: $62.50. Risk/Reward: $2.00 VS. $17.25. Today's Risk Reward Ratio: 8:1