As interest rates have been strengthening (seen below by way of the ultrashort-on-bonds instrument TBT)………
……we can see just about the only sector which has been taking it on the chin with any kind of regularity (stimulus or no stimulus) is housing. Here, for instance, is ITB, the home construction ETF, which has achieved the miraculous (these days) feat of having a red candle five days in a row.
A very similar creature, XHB, the homebuilders ETF, is doing the same thing. This is a longer-term view, from the March bottom, and illustrates just how high homebuilders were pushed before they stalled out.
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