KBHome (KBH) and Lennar (LEN) are among the homebuilders trading higher on the news.
To complete the formation, KBH needed to close above resistance at line c, and this occurred on October 11.
Horton (NYSE: DHI), Hovnanian Enterprises (NYSE: HOV), KB Home (NYSE: KBH), Lennar (NYSE: LEN), M.
Despite strength on and off the charts, though, KBH remains plagued by pessimism.
These stocks would be positively affected by rising home prices, together with Lennar (LEN), KB Home (KBH), and Toll Brothers, Inc. (TOL).
As KBH resumed its uptrend in January (line B), volume was strong once again, which was consistent with the positive price action.
Should KBH bounce off trendline support and resume its quest for new highs, an unwinding of pessimistic options positions, a capitulation by the bearish brokerage firms, or a short-squeeze situation could stoke the contrarian flames.
On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open more than two KBH puts for every call during the past two weeks.
According to the ETF Finder at ETF Channel, KBH makes up 3.12% of the iShares Dow Jones U.S. Home Construction Index Fund ETF ( AMEX: ITB )which is trading higher by about 1% on the day Friday.
Despite a failed attempt at an Apprentice-type show, she has partnered with KB Home (nyse: KBH - news - people ) to sell Martha-branded houses, signed a deal with Macy's and plans to launch a new magazine, called Blueprint, to cater to "modern, multitasking" women between the ages of 25 and 45.
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