Yesterday afternoon, the leading homebuilder stocks were all trading lower on the charts. This leading industry group has been selling off since May 22, 2013. Many traders can make the case that the recent surge in yields on the 10 and 20-year U.S. Treasury note is the catalyst for the decline in the homebuilder stocks. Higher bond yields will likely curtail home buying by individuals and private equity firms.
Lennar Corp (LEN) is one of the leading home-builder stocks that came under selling pressure yesterday. LEN stock closed at $38.04, down 1.19 a share. This stock is nearing oversold levels on the daily chart, but until the stock reaches the $35.00 level it could be vulnerable to further declines. Day traders can watch for intra-day support around the $37.00 level.
Some other leading home-builders that also came under selling pressure yesterday include Toll Brothers Inc. (TOL), KB Home (KBH), DR Horton Inc. (DHI), and PulteGroup, Inc. (PHM). This group of stock trades closely together. Traders can track the entire industry group by following the iShares Dow Jones US Home Construction ETF (ITB).
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Homebuilders Feel The Effect Of Higher Yields
Published 06/05/2013, 12:17 AM
Updated 07/09/2023, 06:31 AM
Homebuilders Feel The Effect Of Higher Yields
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