Tuesday, September 28, 2010

Homebuilders - Testing A Key Level


Two groups which have been lagging the market are the banks and homebuilders. In the above daily chart of XHB (homebuiliders ETF) you can see that a key level is being tested. This ETF is now pushing up against the top of its 3 month trading range which also coincides with the 200 day moving average. This is a very big area and I think a close above it will have the potential to trigger many buy stops. This is one group worth watching.

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