V-Shaped Real Estate Vultures | chessNwine

Monday, August 15, 2011 at 11:40 am ??|??238 views

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Along with energy stocks, the IYR (real estate ?sector ETF) is once again leading to the upside. I noted this phenomenon last week as well, although I suggested the danger of a textbook bear flag not he daily chart (in addition to many other charts out there). Today, the market is soundly in the green, and real estate continues to push higher.

This type of price action reminds me of the countless times since the March of 2009 bottom, where we would see a sharp move lower to turn most traders bearish, only to see a v-shaped recovery to new highs. This time around, the IYR is still well below its 52-week highs, not to mentioned the huge dive lower it took once it lost its 200 day moving average. Bears can still make the case for a bear flag, but the higher it goes the dicier the situation gets for them.

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Source: http://ibankcoin.com/chessnwine/2011/08/15/v-shaped-real-estate-vultures/

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