NO DooDahs

Is it Time to Buy US Homebuilder Shares?

I'd like to see a confirmed uptrend before buying. Under my current technical guidelines, if I were still short any homeys I'd be covering if today closes up 1/2% or more. It's not a buy yet IMO but I see if I did, I would see a close below 29 as a big fat "mistake" sign and a good stop. I wouldn't stop based on an intraday move in the current market.

Given the uncertainty of the Fed statement's content, I would not like to do anything with the homeys, long or short, going into tomorrow.

I've been saying for months that the homebuilder worm would turn in 2006. Maybe it's even sooner than I thought ... see my SA author page for several pieces, several months ago, on the homebuilders.