Wild market swings claimed plenty of victims last week, but Cornerstone Macro's Carter Worth says Home Depot is poised for a big breakout.
But how about over the last month? If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven?
While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Home Depot may not be a homebuilder in the way that a company likeis, but in interest rate environments like this one, it's a primary beneficiary of a consumer who's willing to spend on their home.
"They both came to rest at this trend line," Worth said of Home Depot's two most recent sell-offs, "and I'm going to make the bet that we're going to come to life again off that trend line."
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