On CNBC's "Fast Money," Ari Wald of Oppenheimer spoke about opportunities in the housing space.

He sees enough positives for iShares Dow Jones US Home Const. (BATS:ITB) to buy it as a trade, with a protective stop at $41 support. He said that it is trading above its 200-day moving average, but the break out is not yet conclusive.

D. R. Horton Inc (NYSE:DHI) is a 14% weighting in the ETF and it's attempting to break above its 15-year resistance, explained Wald. He expects it to resume higher and pull the group with it.

He also likes Home Depot Inc (NYSE:HD), which he sees as a derivative play on the housing sector. Wald said the stock is consolidating and it has formed a bullish pennant pattern. He explained this is typically a continuation pattern that resumes in the direction of a trend. For him, Home Depot's trend is higher and he expects the stock to continue to move in that direction.