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By Mike Paulenoff, www.MPTrader.com
I view the Homebuilding Sector ETF (AMEX: XHB) chart pattern from October as a developing base that is maturing ahead of a counter-trend period that should propel prices above the December recovery high near 13.80 towards a confrontation with the declining 200 DMA, now at 17.48. However, initial resistance along the way starts at 13.60 and extends to 14.60/70, at which point I will have to determine whether or not to hold our model portfolio long position or to exit, looking to re-enter into weakness. For now, as long as 12.00 contains any forthcoming weakness, I am "friendly" to the homebuilding sector.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
