Lennar Corp Class A (LEN)

[Santa Barbara Broker]

This market just doesn't want to collapse. The short side of it has pulled out every stop and tricked every tool in the box and they just can't send it into panic mode. The easy scares and flippers are gone for awhile. The size of conjones you'd need to short this market right here are enormous. LEN might not require quite the amount of courage to short, but it can blast up a $1.50 inside 3 days. I am sorely tempted to buy a couple more thousand shares in around $13.40 but have decided to hold off. I still think the mid-high $12s aren't out of the question. It depends how much fear the short interests can drive into people over the weekend. Next week determines the pattern for the remainder of the summer...either another 6-8% decline or a slow back and fill upward into October when the election picture will materialize and anticipated future policy will take over the market's direction into the new year.