Downtrend Resuming?

07/25/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Stocks reversed Thursday, especially the financials and homebuilders. Heavy buying last week does favor a further rally that would last longer. However formation on XHB (green circle) does look similar to last November. If so, new lows are likely by early August. Existing home sales data out today.
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