Massively overbought with rescission starting.
The homebuilders will probably be one of the best shorts over the next 2 years. Rate cuts are NOT bullish for homebuilders at this point in they cycle. The consumers is broke, and the price of homes is 50% higher than the historic mean. Furthermore, property taxes has made even low end homes unaffordable to the majority of first time home buyers. We are entering a perfect storm of a generational top in an industry.
Note
Blow off market to almost completed. Note
The top is very likely in at 89.70. Stop at 93.55.Trade active
Bearish wake up call for markets is starting. People will be shocked at how quickly bullishness turns to fear and bearishness. Target of $42 remains.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.