Home-Builders Raise The Roof, Will The Rally Last? by Market Authority
This morning, the leading home-builder stocks are trading higher at the start of the trading session. Earlier today, leading home-builder Lennar Corp (NYSE:LEN) reported better than expected earnings. This news is one of the catalyst that is helping the home-builder stocks to trade higher on the session. The Case-Schiller data was also released today. This data stated that there were gains in 19 of 20 cities, the 20-city composite index increased by 2.5% in April. This was the largest monthly growth on record.
Toll Brothers Inc (NYSE:TOL) is one of the leading home-builder stocks that is trading sharply higher. Today, TOL stock is trading higher by $1.41 to $33.26 a share. Day traders should watch for intra-day resistance around the $33.73 level. Some other leading home builder stocks that are rallying higher today include DR Horton Inc. (NYSE:DHI), KB Home (NYSE:KBH), PulteGroup, Inc. (NYSE:PHM), and Hovnanian Enterprises Inc. (NYSE:HOV). Please understand, the home-builder stocks are very sensitive to higher interest rates, so the yield on the 10-year U.S. Treasury Note should be followed very closely by traders and investors. Higher bond yields are a negative for the home-builder stocks and could stall out any near term bounce in this important sector.
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