Homebuilders ETF Is One To Watch
The ETF Professor is always looking for unusual price action and options trade and if you happened to be following the market on Thursday afternoon when it spiked higher, you may have noticed a nice run-up in the homebuilders.
That trigged a spike in the SPDR Homebuilders ETF (NYSE: XHB), which soared from around $15 at 2pm to as high as $15.58 just minutes before the market closed. Oh yes, there was options activity in XHB to note, too. Volume in the November 16 calls soared to 126,799 contracts, more than 17 times existing open interest at the strike.
XHB is finding support at its 50-day moving average of $15.23 and is close to resistance around $15.75. No matter what your posture, though the Professor believes it's advisable to lean bullish, keep an eye on XHB for the next few days.
