The Roof Starts To Leak On The Home-builders
All of the leading home-builder stocks are coming under heavy selling pressure today. This sector has been very strong since October 4, 2011. At the time, the leading home-builder stock Toll Brothers Inc (NYSE:TOL) was trading as low as $13.16 a share. Today, TOL stock is trading lower by 0.83 cents to $25.19 a share. TOL stock will have intra-day support around the $24.43, and $23.80 levels. The daily chart of TOL will have short term support around the $23.00 area.
Some other leading home-builder stocks that are declining lower today include D.R. Horton Inc (NYSE:DHI), Lennar Corporation (NYSE:LEN), and KB Home (NYSE:KBH). All of these stocks look to have further downside in the near term.