this complex is clamped by breakevens that'll tighten their margins...on what I consider usually shoddy builds to begin with. In other news, van dwelling on the rise...
It all depends on who can acquire and improve land the fastest. Where else are you gonna buy a house when 30 YR is sub 3%, since nobody but builders want to sell.
XHB has underperformed SPX since Nov and may continue to year-end. Is it an opportunity to pick high quality stocks in this group?
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Price hasdipped through the bottom trendline of the risng wedge pattern. The bottom trendling narrows and ends at 51.93 This pattern is often bearish but is not valid unless bottom trendline is brokencausing a fairly deep pull back. A RW can be a very long term pattern. A strong stock can actually break up and out of this pattern..or fall through bottom...
Break Out Pattern
$XHB Homebuilders ETF - Nearing Breakout Level to watch is $49.22 - a close today above this level is bullish for the near term. Target: $54-$56 by early September (assumes close today above resistance)
Stocks which outperform Homebuilders index since Mar 23, 2020 - the beginning of a new trend. TOL, LEN, WSM, CARR, WHR, FND, LOW