Just a brief update on everyone's "wanna-be short". Here's just one possible scenario that could play out in the IYR. Should it go higher? No. Will it? Ask Goldman.
I will note that for this to happen the market will need to be pulling back as well. I would imagine the SLP500 would be near 950-960 if this pulled back to the 33 area. I'm not looking below 950-960 on the SLP right now because it would appear higher prices are coming from that pivot.
Disclosure: No position in REITs...too much attention/herding (although most have been squeezed into a margin call now). If we get the initial move down to the 38 area and fails to get back above 40 then I might take a stab short for an expected move to 33. Otherwise I will fish in a different pond.
