This post was just published on ZYX Buy Change Alert.
KB Home (KBH) was hit hard over the last three days on rising interest rates. The home building group is falling not just KBH. Home building stocks have been hit again today as the new home sales for June came at 631K vs. 670K consensus.
On the positive side, incomes are rising, employment is strong, the inventory of existing homes is low and home prices are rising.
The risk here is that the market is controlled by the momo crowd. The momentum in the home builder group is negative.
For the long term investor the dip is likely to be a buying opportunity. The new buy zone is $22 to $24.68. The target zone is $40 to $45. The recommended quantity is 30 – 40% of full core position size.
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