Homebuilder Index Rallies 7% On Monday and Tuesday
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%!