Wednesday, October 03, 2018 12:39:42 PM
As you all know, the leading home-builder stocks have been steadily declining as rates on the 10-year note continue to rise. Today, yields on the 10-year U.S. Treasury Note are higher by nearly 7.0 basis points to 3.125 percent. This move in rates has pressured the housing related equities.
One housing stock that has now caught my eye is Pulte Group Inc (NYSE:PHM). This stock has been declining lower since late January 2018 when it traded as high as $35.21 a share. Today, PHM is trading around the $24.00 area, so you can see how much it has fallen already. Traders and investors should now watch the $20.50 level for major chart support. This is where this stock broke out in January 2017 and will likely be defended again when retested.
Nicholas Santiago
InTheMoneyStocks
Recent PHM News
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