SPDR S&P Homebuilders (XHB)

Posted on Mi 04 Juli 2007 in Stocks • 1 min read

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.

XHB, 07/03/2007

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.