I bought ITB at 15 and sold at 18 thinking the rally was over for that etf, was I wrong on that, it has skyrocketed over the last few weeks jumping over $21 a share, I do think its time for that to sell off somewhat, I put it at $18 over the next 4-6 weeks, maybe even sooner. ITB is OVERBOUGHT.
Homebuilders - what now
- Thread starter Cutten
- Start date
I bought ITB at 15 and sold at 18 thinking the rally was over for that etf, was I wrong on that, it has skyrocketed over the last few weeks jumping over $21 a share, I do think its time for that to sell off somewhat, I put it at $18 over the next 4-6 weeks, maybe even sooner. ITB is OVERBOUGHT.
Totally agree, they think interest rate cuts are going to cause real estate to take off again or at least find a bottom sooner than later. Its a joke to believe housing is done moving lower, there is another 10-15% drop for real estate over the next 12 months and thats just the low end of the drop im predicting. I think anyone holding homebuilders that have seen anywhere between a 25-50% return over the last month should walk away with those profits very soon, there is no bottom in housing just yet, homebuilders will fall again. Sell while you have the chance and buy back later, I use XHB as a guide to trade homebuilders and XHB is up over 50% in only 3-4 weeks meaning the rally is just about over for these stocks. Might grab a little more upswing, but its not worth being greedy over a 25-50% return.
When homebuilders turn the corner , it seems real estate is on the mend and mat recover. This is the first sign that housing markets have bottomed and ready to turn corner. This year we may see some recovery in real estate.
