This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Top Takes From RealMoney

Whether we noodle around between 826 and 838.50 or begin a correction toward 797.75 will depend on how much firepower the bears have and how bad traders want to lock in multi-week gains. A break of strong support at 826, and the bears have a shot a taking control (if only for a day or two). Moderate support will come in near 823, 817 and 812.50, with strong support at 808. With the market's positive tone and the persistent bid, it will take significant firepower by the bears to push us under 808 ... if they do, we should see 797.75 quickly.

5. Homebuilder's Double Bottom: Real or Fantasy?

Alan Farley
4/3/2009 7:57 AM EDT
The SPDR S&P Homebuilders ETF (XHB) has been moving higher with the broad market since the March turnaround. The bounce started right at the November low, raising speculation that the fund (and sector) is grinding out a double bottom pattern.

But is this pattern real or fantasy? Current technical evidence is mixed at best. For starters, the fund still hasn't posted a single higher low during this recovery effort, despite the 40% bounce. And accumulation is just pathetic, with on-balance volume hardly budging in the last four weeks. On the flip side, Thursday's rally was the first time the fund actually bounced at the 50-day EMA since last September. This positive price action confirms new support at that level. And it will take less than a single point of progress to finally end the four-month string of lower lows.

For free trial to Real Money, where you can get updated trading and investment ideas throughout the course of the day, please click on the tile below.

This article was written by a staff member of RealMoney.com.
4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ZLC $21.02 -0.66%
DELL $0.00 0.00%
MFST $0.01 0.00%
AA $13.46 0.00%
CAT $83.28 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs