Homebuilder ETF Breaks Out to Highest Level Since 2008
June 29th, 2012 at 2:37pm by John Spence
A nearly 4% jump in a homebuilder ETF in Friday’s risk-on, quarter-end rally carried the volatile sector fund to its highest level since 2008.
The iShares Dow Jones US Home Construction (NYSEArca: ITB) is on a four-day winning streak and on track for a gain of 10% for the week.
Kimble Charting Solutions noted the homebuilder ETF breakout in a note Friday.
The housing fund was up 36.2% year to date as of June 28, versus a 6.8% gain for the S&P 500, according to Morningstar. The ETF competes with SPDR S&P Homebuilders (NYSEArca: XHB).
Homebuilder stocks peaked in 2005 before the subprime crunch and housing meltdown.
ITB, the builder ETF, has broken out to its highest point since late 2008.
iShares Dow Jones US Home Construction
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