The housing market is still floundering and I think it could get worse before it gets better. Market bottoms are typically made when every throws in the towel and I don’t think that’s happened yet.
The SPDR S&P Homebuilders (XHB) ETF looks like it wants to test its previous lows around $29 and who knows if that level will hold. If it doesn’t hold, then we know the housing recovery will take a lot longer than all the Realtors hope.
Someone we know has been waiting for XHB to trigger their limit order at $29, and as I posted before, they might just get it.
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