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A short position in the Homebuilders ETF looked like a hot trade but so far all it’s done is burn trader Steve Cortes. Fast Money’s El Capitan made the ill-fated call on May 22nd. “I covered all of my shorts except for XHB,” he said at the time. "I think material damage has been done by the price action. Also the big gap down in Lowe’s bodes poorly for the group overall.”
As it turned out, back on May 22nd Cortes should have covered his short in the XHB, too. Over the past 5 days shares have surged almost 6%.Now what?“I was wrong but I am still short,” says Cortes. "I still think the breakdown in Lowes, and Home Depot as well as copper and other metals were all a sign of trouble. But if the XHB rallies more, I’m going to get out.”
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