Lennar Corp Class A (LEN)

[Santa Barbara Broker]

LEN dips into the $11s today on bad housing report. Unexpected good news, (and the chances of that are almost nil) might allow another base to start forming in mid-$12s. But you can't fight momentum and the shorts rule this sector. No support left under $12.50 on bad news. Free fall to $8s unless an institutional buyer or some oracle steps in. I am waiting for all the analysts that were screaming BUY BUY BUY @ $18.00 to start issuing downgrades at $10 or $11 after the carnage is pretty much over and the nitwits who listen to their insane reasoning have lost all their money, LOL. I can read it now...after some reconsideration, we have decided to reduce Lennar Homes to a "sell" from a buy due to the fact we were completely wrong, now look like total jitbags and have managed to get all our valuable clients into a massive short position to take advantage of this downgrade. New 12 month price target $8.00

I LOVE those guys.

SBB