Friday, November 1, 2013

Homebuilders Extend Downtrend on Taper Concerns

US homebuilders are back under pressure today as fears over Fed tapering are renewed.

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Our relative strength point and figure charts show a group that has rolled over and is in the early stages of a downturn.  It is quite possible the homebuilders retrace the entire move off October 2011 lows.  Charts are below.

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