A Delayed Reaction– An Example From PHM
Although the market participants
reaction was slow, housing stocks were attracting buyers this morning.
At 10:00 A.M., the news reported sales of new homes in the United States in
August was higher than expected. In fact it was the largest percentage gain
since December 2000.
10:57:04
(From TradingMarkets TradersWire)
Pulte Homes (PHM) is attempting to move out of a pullback from the
September 22 high. PHM is trading just above the 20-day MA at 62.20, up 0.20.Â
As you can see on the chart below, the stock
declined shortly after the news. But, PHM tested Friday’s low successfully, and
it reversed to the upside. At 11:00 A.M., some traders bought the stock as it
took out Friday’s high.
Have a good day.
If you have questions, feel free to mail them to me.
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