Lots of credit to to Goldman analyst Joshua Pollard who said this morning that the housing market was basically past the point where investors could be disappointed.
That comment was part of a bullish call on homebuilder Pulte, and it was before the new home sales number came out at 10:00 AM ET.
As you know, that number was terrible (though weather did play a factor).
And yet! Investors were totally underwhelmed.
Sales of new homes at historic lows coldn’t hold down homebuilders. The XHB ETF ended close to the highs of the day. Pulte itself rallied 3.64%. We may be talking about the absolute floor here.