Warren Buffett Still a No-Show

On July 13th the homebuilders rallied sharply on rumors Warren Buffett was building a position in Hovnanian Enterprises (HOV-NYSE).  The builder stocks have traded down every day since, and today’s news from Countrywide Financial (CFC-NYSE) added a little icing on the cake for the bears.  Hopefully, the next call to bust the shorts will be taken with a bit more skepticism. Still, we are getting to the point that time, versus price, are the the biggest reason to cool your heels before buying.  Patience, grasshoppers. no positions

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