After a stunning 225% increase from October 2011, ITB (the homebuilder ETF) has dropped 13% since the may top of 26.
It has dropped below both the 50 & 200 day emas. A further drop to 16 would represent a 50% decrease of the prior run which might make for a good long entry point.
The July target of 15 for KB Homes still is in play, as the head and shoulders pattern portends.
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