Home-builder Stocks Show Early Weakness
The home-builder stocks are now on everyone's radar. These stocks have soared since the stock market bottomed on October 4, 2011. The home-builder stocks have gone from laggard to leader as almost every talking head in the financial media continues to call for a low in the housing market.
This morning, the leading home-builder stocks are all trading lower to start the day. Toll Brothers Inc (NYSE:TOL) is considered the best of the home-builder stocks since it caters to the high income client. The stock has pulled back since February 21, 2012 when the stock traded as high as $24.22 a share. Short term traders can watch for intra-day support around the $22.35 and $22.00 levels. The daily chart of TOL will have decent support around the $21.50 area.
Other leading home-builder stocks that are declining this morning include DR Horton Inc (NYSE:DHI), Lennar Corp (NYSE:LEN), and KB Home (NYSE:KBH). All of these stocks continue to hold up well on the daily charts at this time.