We Can't Ignore Homebuilders

$XHB

I’ve been sitting on this one all week, but it appears we are going to get weekly confirmation today.

Notwithstanding the persistent media coverage regarding housing, rates, and inventory, the homebuilding index appears set to go out at new all-time highs. This is admittedly surprising to me, but I certainly won’t fight it. Sure a head fake is possible, but it’s time to start drilling into individual names for opportunities given this breakout.