For investors seeking momentum, SPDR S&P Homebuilders ETF (XHB – Free Report) is probably on the radar. The fund just hit a 52-week high and moved up 68.6% from its 52-week low of $63.79 per share.
Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
XHB in Focus
The underlying S&P Homebuilders Select Industry Index represents the homebuilding sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the US common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Small Cap exchanges. The Homebuilders Index is a modified equal weight index. It charges 35 bps in fees per year from investors.
Why the Move?
The homebuilding sector of the broad stock market has been an area to watch lately, given the chances of Fed rate cuts…
