Yesterday, Fed Governor Richard Fisher drove a stake through the market by declaring that the Fed isn't done raising rates despite the fact that the econonmy is slowing. Gee, Dick, any other good news you want to share with us? Any stock that's cyclical and rate sentive took it on the chin - chief among them homebuilders.
After several failed head and shoulders patterns on the homebuilder stocks, it looks like this one is finally going to take. Toll Brothers kissed the bottom of the neckline goodbye in dramatic fashion yesterday with a $2 drop. The target measurement of the head and shoulders pattern suggests a move to $36.
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