Gafisa S.A. (NYSE: GFA) opened at $30.86. So far today, the stock has hit a low of $30.03 and a high of $31.25. GFA is now trading at $30.36, down $2.08 (-6.41%). Over the last 52 weeks the stock has ranged from a low of $5.33 to a high of $37.62. Shares of GFA are falling with other homebuilders this morning after the Commerce Department reported that new home sales fell 3.6 percent in September, the first decline since March. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for GFA. If you are looking for a hedged play on GFA the stock seems like it could be a candidate for a December out-of-the-money bear-call credit spread above the 35 range.

Lots of panic selling going on

 the government will do whatever it takes to prop up housing prices

it'll renew the 8000 tax credit, and up the limit of salaries so that more people qualify to buy houses and use the credit.

also, our good ol' USA will probably let people buy 2nd, 3rd, and 4th homes using this $8000 tax credit for each purchase

 That would be nice to have the $8000 credit be extended and even for 2nd home purchases.