Be a contrarian and consider buying the homebuilders, Brian Schaeffer said on CNBC’s Closing Bell. (He's Managing Director at VDM as well as a familiar face on "Fast Money.")
The homebuilding stocks have been “obliterated” over the past two years and the best move now could be to buy them back on dips, Schaeffer said.
With an increasing chance of a substantial Fed rate cut later this month (Schaeffer pointed to futures giving a 50/50 shot of a 75 basis point cut), the homebuilders look even more tempting to him, as a buy on dips.
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