By Jeff Pierce
I’m not a big fan of bottom picking, but the homebuilders sector caught my eye while running some bullish scans last night.
Beazer Homes USA (NYSE:BZH) and PulteGroup (NYSE:PHM) look to be establishing a bottom technically and with modest accumulation coming in from a volume standpoint, one may want to start nibbling on the long side if your timeframe is much longer than mine. While I remain bearish on the general markets, this sector will be one to watch from here on out to see how it handles any corrections.
(XHB SPDR Homebuilders Index ETF (NYSE:XHB))
(Beazer Homes USA (NYSE:BZH))
(PulteGroup, Inc. (NYSE:PHM))
Jeff Pierce is a momentum trader that specializes in market timing. By developing a proprietary timing system over the years that takes emotions out of his decisions, it allows him to be on the right side of the trade. While it’s nearly impossible to eliminate trading biases completely, there are many things one can do on a daily basis that gives enough of an edge where you can have success in this industry. Jeff Pierce is the owner of ZenTrader.ca.
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