While I think the markets can rise higher (hopefully to a classic retest of the H&S/topping pattern breakdowns), here is a sub-index that is looking ripe, by weekly chart at least.
This chart was done for a reader looking to short the REITS about a year ago. I just found it in the chart list and thought the current situation looked pretty good.
A year ago the resistance did not hold, shorts cursed Bernanke and his funny munny policy and went into hiding. Now?
I believe IYR is filled with REITS, is it not? The daily chart of $DJR looks a lot like the IYR. Does one dare take a position in the 'Widow Maker' (Tim Knight's term for SRS)?
http://www.biiwii.blogspot.com
http://www.biiwii.com
Follow @BiiwiiNFTRH
This chart was done for a reader looking to short the REITS about a year ago. I just found it in the chart list and thought the current situation looked pretty good.
A year ago the resistance did not hold, shorts cursed Bernanke and his funny munny policy and went into hiding. Now?
I believe IYR is filled with REITS, is it not? The daily chart of $DJR looks a lot like the IYR. Does one dare take a position in the 'Widow Maker' (Tim Knight's term for SRS)?
http://www.biiwii.blogspot.com
http://www.biiwii.com
Follow @BiiwiiNFTRH
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