Toll Brothers CEO selling - should you?

There's news tonight the Toll Brothers CEO sold more stock, bringing the year's total over $80 million. Here's part of how Schaeffer's summarized the day: "On one side, the bulls cheered news that the number of U.S. workers filing for unemployment benefits unexpectedly declined during the latest week, as well as data indicating that business activity in the Philadelphia region expanded to levels not seen since mid-2007. On the other side of the Street, however, the bears bucked up after housing starts increased by less than forecast last month, and big caps FedEx Corp. (FDX) and Oracle Corp. (ORCL) reported disappointing first-quarter figures.". Below are some of my charts of IYR and $HGX, and Tony Caldaro's chart of $HGX. Is it time to sell? Perhaps! But Tony's count implies we will first see the rally complete at higher levels.

Bottom line right now: be careful, it's weaker but may not be ready for shorting longer term .....yet. But don't be a complacent either - watch indicators and would be a good idea to keep an eye on Tony's count. You can find his charts at his OEW site in the list at right.

I included my Fibonacci retrace chart, in case this does turn out merely a B wave bear market rally. If right, a C wave down short be a good short when it's ready.