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1. Homebuilders Break Out
By Rick Bensignor
12:33 P.M. EDT
Today we made a call to clients to get long homebuilders, via the
. With yesterday's down close relative to Monday's, today's move up through $11.98 becomes a qualified breakout above the DeMark TDST line that has been acting as resistance over the past several days.
Moreover, today's low is the conversion line on the daily cloud chart and the lagging line (shown in royal blue) has also broken above its cloud. This should lead to a further move up that would likely target the 200-day moving average over time (currently at $13.91). The tight stop is a close under $11.00, making this a near 2-to-1 reward-to-risk profile.
SPDR Homebuilders (XHB) -- Daily