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Last week we highlighted a rare green shoot in housing. Today it might have sprouted a little higher.
Homebuilders, believe it or not, are the best-performing industry among dozens available on TradeStation’s ever-useful RadarScreen comparison tool. Click here for a free tutorial on tracking Dow Jones indices on the platform.
The gain in housing follows signs of a thaw in a housing market frozen by low inventories. It also came after the industry’s monthly sentiment gauge from NAHB remained near its highest level in a decade.
“Builders are optimistic about housing market conditions, basing their confidence on continued solid demand for single-family homes,” the report declared.
There will be more news tomorrow when the Commerce Department announces housing starts and building permits. Here are some other events to watch:
Today’s 2.6 percent gain in the DJ US Home Construction Index ($DJUSHB) was the biggest since June 8. The surge follows more than a week of consolidation below its 50-day moving average.
Money is flowing back into stocks as investors hope for a better inflation report this week. The S&P 500 rose 1.9 percent between Friday, May 3, and Friday, May 10. It was the third straight positive week. More than four-fifths of the index's members advanced,...
Oracle jumped to new highs almost two months ago. Now, after a pullback, the software giant may have found support. The first pattern on today’s chart is the gap higher on March 12 after earnings surprised to the upside. ORCL retraced the move and is starting to...
Most of the big earnings reports have now occurred, and so far they've done little to boost the market. Companies like Microsoft (MSFT), Meta Platforms (META), Netflix (NFLX), Caterpillar (CAT) and Intel (INTC) reported profits above Wall Street estimates. However...