Tuesday, July 10, 2007

Housing Stocks Get Hit



I meant to post about the housing stocks yesterday but I just didn't have the time and then I simply forgot about it.

What I noticed yesterday was that the the S&P was basically flat for the day but the homebuilders were all down. That to me was a sign that a move lower was about to take place.

If you look at the above chart you'll see a nice bear flag formation which projects a downside target of about 200 for the HGX.

No comments:

DISCLAIMER

This site may include market analysis. All ideas, opinions, and/or forecasts, expressed or implied herein, are for informational purposes only and should not be construed as a recommendation to invest, trade, and/or speculate in the markets. Trading and investing involves high levels of risk. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise.
 
Google
Technorati Profile Finance Blogs - Blog Top Sites