Long “Downside wicks” frequently signal an asset is working on at least a short-term low. The 500 index has created a series of downside wicks at support of late and today falling resistance is being taken out to the upside.
With the 500 breaking resistance and the fewest bulls since March of 2009 at hand, as I shared Sunday, a rally will most likely surprise many investors. This condition should push the Homebuilder ETF (XHB) much higher!
Posted to purchase XHB last Friday morning.
Come on stock market rally! see you in hell bonds! If the market rallies then that jerkoff in my office won’t keep gloating about how he’s buying VIX calls. I think one of those “know it alls” exists in every office.
Does a housing recovery really matter for a stock rally when so much of their earnings are imported anymore? It sends like this is the second time leading into an employment report that information from China took center stage. To me, it almost seems like the market has voted and that it wants to go up.