[Mish Daily] An ETF That Makes A Chartist's Heart Sing

An ETF That Makes A Chartist's Heart Sing US Home Construction as a concept is hardly a "wild thing" or something that should make one's "heart sing." Unless of course you are a contractor, seller of home improvement and construction supplies or, an investor in the ETF ITB. I've been writing about ITB for some time now in the ETF section of my commentary below- "Has spent 6 weeks trading around converging moving averages-big move one way or another coming-26.50-28.00 range to break one way or another-big eyes here". Before I continue why I chose to comment on ITB and its gorgeous chart set up, I wish to address my subscribers to my discretionary trading account (Mish's Market Minute Advantage). I did not put this one in the portfolio but rather tweeted (and wrote about it) because the risk to the proper chart point-under 26.50, is well beyond our typical 1.5-2 ATR risk. ATR-Average True Range or the average trading range of any instrument over the course of 3, 5 or 10 days. I hope that some of you saw the tweet and followed if for the recommended more active trade. Here is the tweet if you missed it. @marketminute $ITB clearing the MAs. Risk/Reward best for active trade with quick exit if cannot close over 27.55 Tap here to read more about why I like ITB, see a chart and what to expect, plus get recommendations in the major ETFs Bye for now, Michele 'Mish' Schneider MarketGauge Dir. Of Trading Research & Education Market Outlook Higher Rates, Soon Come? Only 2 Other Times Since 2002! The QQQ's Historic October in Perspective The QQQ Was Not The Only Historic Mover In October Are You New to Mish's Daily? Tap HERE to Discover Mish's Modern Family! Get more actionable trading ideas and insight below... True Market Direction: Price & Volume Sectors & Markets On the Move! Free Download: How to 'Buy Low' Get more - follow us on Twitter! @marketgauge  and  @marketminute  To stop receiving this go here. Got Questions? (Office hours 9-5 ET (New York time)) Email: info@marketgauge.com Live Chat: Go to the bottom of our home page. Call: 888-241-3060 or 973-729-0485 "Market Intelligence at a Glance + Solutions For Building Wealth" Tap here to manage your email subscriptions or stop receiving this email.

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