The HGX is an index of US stocks in the housing industry.  The HGX bottomed almost the same time in late November that the Euro peaked against the dollar.  A second bottom (double bottom) occurred the week of January 15, 2008 and has been heading back up.  Will January become the bottom point of the housing market's down cycle?  There was also a double top in the Euro versus the Dollar.   Was this a good time to sell Euros and buy US real estate?  What is next? Hmmmmm!

PHLX HOUSING SECTOR INDEX (^HGX)

Euro/US Dollar

Chart

Index of US Housing Stocks