Quiet Symmetry to These Homes

To follow-up from our analysis last week, the homebuilders continue to quietly outperform today. 

Both the XHB and ITB ETFs related to the homebuilding complex are near or at session highs as I write this, while the indices in general are flat and mixed. 

Equity bulls continues to pound the table on the idea that sector rotations will keep any meaningful market corrections at bay for a while. And with the homies being one of the worst sector performers in 2016, bulls may very well have an excellent point if the XHB now begins take on a leadership role of sorts. 

On the updated XHB daily chart, below, clearing $36 is important technically, as price breaks higher out of the coiled pattern we identified last week.

Some notable individual outperformers here: DHI KBH LEN.

More on the market an some specific ideas in my usual Midday Video for Members.