Homebuilder Index Rallies 7% On Monday and Tuesday

October 2, 2007 at 1:11 pm  ·  Category: Market Commentary, Real Estate, Sentiment Analysis, Stocks

On the strength of upgrades yesterday from Citigroup Homebulder Analyst Stephen King and then an “interesting” interpretation of today’s pending home sales number, homebuilders have staged a nice 7% bounce over the past 2 days (Chart).

The bulls sure are feeling good.

UPDATE (Wed 10/3, 9:45am PST): The homebuilder index (XHB) is up another 4% today to $23.94.  That puts its week to date gain at 11.8%!

Posted by Greg Feirman  ·  Trackback URL  ·  Link