Homebuilder Index Rallies 7% On Monday and Tuesday

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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%!

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