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HGX Commentary
Back in May I told you all that the HGX Index was the most bearish index on the board and that I thought it was ironic that the index that started the entire 2007-2008 debacle looked as if it would be the first back through the March lows.
Shortly after that bear call, the HGX gave-back a full 50% of the gains (off the March lows) but it then generated some unexpected bullish near-term data so I told you all to “cover home builder shorts.”
That idea worked out as the HGX went verticle last week and individual stocks blasted 30-40% higher in 4-6 sessions but the HGX is now bearish again and I want to put back out all home builder shorts. (HGX currently at 93.72)
The model expects a severe plunge in the HGX into 7-30 near-term and I’ll update after that.
I’m not trying to trade these things but, like I said, assuming the market tracks the BAM Model–this is going to be a wild summer.
-JGS