Many Homebuilders Up 100% From Lows (MTH, PHM, LEN, WCI, SPF, HOV, XHB)

Everyone knew homebuilders would turn one day and when they turned it would be fast and in a flurry of buying volume. Much of this may attributed to short covering, but much is because the good old Fed and another 125 basis points in rate cuts within a 10-day period. You know you can’t pay attention to the headlines on home sales or even the earnings out of these, because that is dismal. But traders are taking aim here. In fact some of these are up 100% off of lows already. Meritage Homes (NYSE: MTH) up 12% at $15.26, up…
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Original Source

  31 January, 2008| Economy | @ 19:34

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