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Thursday, August 15, 2013

Builders Look Weak

Rising rates are taking their toll on the Home Construction iShares (ITB) as the ETF broke neckline support on Wednesday. The head-and-shoulders pattern extends almost the entire year and today's breakdown confirms the bearish reversal. The indicator window shows the price relative (ITB:SPY ratio) moving to a new low as ITB underperforms the broader market. 

Click this image for a live chart

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