Charts of the Nasdaq, KB Home (KBH), Pulte Homes Inc. (PHM), Harman International Industries Inc. (HAR), Comverse Technology Inc. (CMVT), CV Therapeutics Inc. (CVTX), Netease.com Inc. (NTES), Autodesk Inc. (ADSK) and Genesis Microchip Inc. (GNSS)
Pulte is one of those home builders that seems to only go up. It’s still showing good relative strength vs. most of the market but it’s also in an intermediate-term downtrend. The stock looks like a short-to-intermediate term short right here, with a stop above the 50 DMA.
Duru wanted me to post some “good news” charts and requested some housing stocks like HOV, PHM or KBH. The housing sector has had an amazing run for the last few years. The Housing Index (HGX), has doubled since January 2003 while PHM is up 175% over that same period. Many have tried to call a top in this sector but it just keeps powering higher. HGX and PHM both closed at new all-time highs on Friday and it’s hard to find anything wrong with the price charts. But there are some signs of weakness in a few indicators. I won’t be so bold as to call an end to the run …
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