Homebuilders Higher - Market Analysis for Mar 31st, 2008

The Homebuilders Select SPDR ETF (AMEX: XHB) has turned up in a meaningful way today after completing a correction of the March 7-24 upleg. My work indicates that the XHB should climb to retest the 24.45 high and sustain those highs the next time, on the way to a 26.00 target. Components LEN, MTH, NVR, and DHI look very compelling technically from the long side and should be the engines that propel the XHB higher.