Sold Lennar (NYSE: LEN)
I used some of the strength today in Lennar (NYSE: LEN) to close my position for a small gain. Lennar short term looked overbought. The volume has improved.
Fundamentally, the housing boom is ending and there was a recent article about how Lennar is raising sales commissions for outside brokers. From a 2% commission to a new "3-4-5%" based on number of homes sold. Not exactly a bullish move. I admit the stock will spike when the Fed says they are done. But what will Lennar be trading at when they are done tightening?