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I was told that timing is everything on when our response is going to be released....I think they understand.
the truth would be if they were both over $100
You are confusing what you think is the situation with commercial real estate with an ETF that is designed to go down no matter what is happening in the real world... As much as you would like to make a killing by buying into something that is "3X the inverse" it simply isn't related. If SRS had any relation to commercial real estate it would not have gone from 300 all the way down to 6 during the same time that CRE bit the dust. You have to look at more than just the title "UltraShort Real Estate ProShares (SRS)"
Why do you think it's about to be any different?
Do yourself a favor...
( And anyone else playing with SRS )
Read the information at the following link:
http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/MutualFunds/P119778
Specifically read the section "Real-Life Examples"
Dick Milde
Then why are all the investments in commercial real estate that alot of my contacts are in all going belly-up? Or Capital Calls Galore?
It's nothing short of a ROUSE these prices on the SRS/DRV.... the truth would be if they were both over $100
But they aren't.
I understand don't fight the trend, but honestly the trend in Commercial RE is that of it DIGGERING!
HEAD'F'N First Diggering.
That's that Truth!
Cheers
LOL that's pinksheet pumper talk suggesting a cusip change would make a difference
commercial real estate is where all the really big dark pool, back office money is in the markets. NEVER fight the trend, whether it's up or down.
Well Commercial Real Estate is past borrowed time.
Kiss it goodbye.
I honestly think it's been nothing short of a NSS/Failure to Deliver situation here.
I would bet... and well I guess I did....
YOU CHANGE THE CUSIP # of this thing and it would trade about 80-100 right about now.
Cheers
SRS is a commercial real estate bear play, not a housing bear play
During the correction the end of January, I noticed SRS stunk. EDZ, FXP, and ZSL did well. I thought it may be because real estate was looking better at that time. But today, not one, but two real estate inverses did poorly after bad housing news. I don't understand it. ZSL seems like it would travel with the inverse price of silver and gold, but it doesn't seem to. I think it's because of the industrial use of silver. It's just baffling me right now because if we have a correction, I would think SRS would be great. I may just stick with FXP and ZSL, and maybe TZA.
I'm wondering if there is a SHORT/NSS/ situation here?
What do you have for total assets divided by outstanding shares 97.4 million I believe?
I'm thinking that the SRS could be trading at a total discount.
There is a double bottom in place now at $5.85
Will it hold for more than one day?
Maybe not. We'll see.
The SRS was UP on Tuesday when the Market was up over a 100 pts.
It was down a few cents today as the market was down around 50pts.
So that didn't surprise me much.
Lets see what this does the next few days.
Hey do you happen to know what the SHORT INTEREST is on the SRS?
Or anyone else know for that matter?
I'm not too familiar with DRV... I'll check into it and get back to you. See you around here.
Cheers
Viva, why didn't SRS and DRV do better with the bad news on the housing market? I know these things wear out with volitility over time, but would have expected more. ZSL and FXP always seem to do the best no matter what is bringing the market down. EDZ was great, but they r/s'd.
PERFECT DOUBLE BOTTOM $5.85 : Did anyone notice?
Taking a stand and I went long this today.
5.93 avg.
Cheers
Reverse split in 2-3 weeks?
At the rate SRS is falling right now we may see the reverse split much sooner than I originally thought.
FAZ did a 1 for 10 reverse split at $5.64 and EAZ did a 1 for 10 reverse at $5.12. Right now SRS is at $6.01 in pre-market trading so it could happen at any time.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40050599
Dick Milde
Record Advance in S&P 500 Futures Shows Confidence in Economy
By Lynn Thomasson and Rita Nazareth
March 13 (Bloomberg
) -- The longest-ever gain in futures linked to the Standard & Poor’s 500 Index shows growing investor confidence in the U.S. economy.
“It’s a bullish indication,” said Stephen Lieber, chief investment officer of Alpine Woods Capital Investors LLC, which manages more than $7 billion in Purchase, New York. “There’s greater confidence in the equity market. Earnings have been relatively positive.”
Contracts to buy the S&P 500 in June 2010 have climbed for 11 days since Feb. 25, rallying 4.5 percent to 1,146.6. While futures on the U.S. equity benchmark usually track the index, they don’t move in lockstep as the S&P 500 retreated less than 0.1 percent yesterday following a drop in consumer confidence. Caterpillar Inc. helped lead the Dow Jones Industrial Average higher on signs of growing demand for machinery in China.
The S&P 500, which is near its highest level in 17 months, has risen 9 of the past 11 days. The index increased 1 percent this week as economic reports showed a rebound in consumer demand after retail sales unexpectedly rose last month and wholesale inventories fell in January.
Forecasts for the biggest two-year rebound in profits since 1994 also fueled the advance. Analysts’ estimates show income for S&P 500 companies may climb 26 percent this year and 20 percent in the next. More than 72 percent of firms in the equity index beat earnings projections for the fourth quarter, the second-highest percentage on record, according to data compiled by Bloomberg.
“People are looking to buy stocks,” said Mark Bronzo, an Irvington, New York-based money manager at Security Global Investors, which oversees $21 billion. “Risk appetite seems to be growing as people become more comfortable with the sustainability of the economic recovery.”
The 11-day gain in S&P 500 futures exceeds a 10-day advance in January 1987. During that period, the stock benchmark jumped 9.6 percent and rose 5.4 percent the following month. The futures contracts were created in 1982 and trade on CME Group Inc.’s Chicago Mercantile Exchange
IEA Raises 2010 Oil Demand Estimate
on Developing Economies
By Alexander Kwiatkowski
March 12 (Bloomberg) -- The International Energy Agency raised its forecast for global oil demand this year for a second month as fuel consumption in Asia rises more than expected.
The IEA increased its estimate for world demand in 2010 by 70,000 barrels a day to 86.6 million barrels a day. That would mean a gain of 1.6 million barrels a day, or 1.8 percent, from 2009 levels, it said. Economies outside the Organization for Economic Cooperation and Development continue to lead the recovery in consumption, the IEA said.
“Global oil demand resumed growth on a yearly basis in the fourth quarter of 2009 after five consecutive quarters of decline,” the Paris-based agency said in its monthly oil market report today. “This year’s global oil demand growth will be driven entirely by non-OECD countries, with non-OECD Asia alone representing over half of total growth.”
China will account for almost a third of global oil demand growth this year, according to IEA estimates, offsetting stagnant consumption in developed economies, particularly Europe. This growth could be revised upward as the Chinese government signals it will continue to foster economic growth as long as inflation pressures remain moderate, according to the agency.
Oil consumption in non-OECD countries is forecast to average 41.2 million barrels a day in 2010, an increase from last year of 1.7 million barrels a day, or 4.3 percent, according to the IEA. That is 190,000 barrels a day more than the agency estimated last month.
‘Astonishing’ China
Preliminary data indicate Chinese apparent demand surged by an “astonishing,” 28 percent year-on-year in January, with the biggest increase in naphtha demand, according to the IEA. The agency raised its 2010 demand forecast for China by 130,000 barrels a day to 9 million barrels a day, representing an increase of 6.2 percent from 2009.
In contrast, the IEA cut its forecast for oil consumption in OECD countries by 120,000 barrels a day from last month to 45.4 million barrels a day. That means it now expects demand in those economies to shrink 0.3 percent this year.
Even as consumption rises globally, the IEA also cut the estimate for the amount of crude OPEC will need to pump to balance demand and supply as production estimates from outside the group rise. The agency estimates that the Organization of Petroleum exporting countries will have to produce 29.3 million barrels a day this year, 100,000 barrels a day fewer than it estimated last month.
OPEC Meeting
OPEC, which accounts
for more than a third of global supply, will meet in Vienna next week to decide on production quotas. Members pumped the most in 14 months in February, according to the IEA, with Iraq accounting for more than half the monthly increase.
OPEC’s compliance with record supply cuts announced in 2008 slipped to 56 percent in February, from 58 percent the previous month, the IEA said. The group’s 11 members bound by production quotas raised output by 80,000 barrels a day to 26.70 million a day last month. That means OPEC exceeded its collective target by about 1.9 million barrels a day.
Non-OPEC production is now estimated at 51.8 million barrels a day in 2010, an increase of 330,000 barrels a day from 2009, a stronger outlook from the North Sea, Egypt, Russia, Thailand and Colombia, as well as revisions to Canada’s production data, the IEA said. That is 205,000 barrels a day more than it forecast last month.
Industry-held oil stockpiles in OECD countries climbed in January to 2.703 billion barrels, a “slightly higher,” increase than the five-year average, according to the IEA. Supplies were the equivalent of 59.2 days of demand at the end of the month, up from 58.3 days at the end of December.
Preliminary data suggest stockpiles dropped by 28.6 million barrels last month, the agency said.
Job openings up sharply in January to 2.7M
Job openings up sharply in January, evidence that employers may soon boost hiring
Christopher S. Rugaber, AP Economics Writer, On Tuesday March 9, 2010, 6:43 pm EST
WASHINGTON (AP) -- Job openings rose sharply earlier this year, evidence that employers are slowly ramping up hiring as the economy improves.
The number of openings in January rose about 7.6 percent, to 2.7 million, compared with December, the Labor Department said. That's the highest total since February 2009.
The report is a sign that the economy is soon likely to generate consistent job gains. Some economists expect employers to add up to a net 300,000 jobs in March, though as many as a third of them could be temporary hiring for the 2010 Census.
Hiring is critical to sustaining the economic recovery because job growth boosts incomes and helps restore the confidence needed to drive consumer spending. A gradual increase in net hiring would help prevent the recovery from fizzling.
There are now about 5.5 unemployed people, on average, competing for each opening. That's still far more than the 1.7 people who were competing for each opening when the recession began. But it's down from just over 6 people per opening in December 2009.
Economists were encouraged by the report but cautioned that hiring will likely increase only slowly this year.
"It's getting better, though not as quickly as you'd like," said Dan Greenhaus, chief economic strategist at Miller Tabak.
The economy has lost 8.4 million jobs since the recession began, the largest drop since the 1930s. The jobless rate was unchanged last month at 9.7 percent. Most economists expect the rate to remain elevated for several years.
The transition to job growth "is an important step in the expansion," Nigel Gault, chief U.S. economist at IHS Global Insight, wrote in a note to clients. "It will not change the story that this will be a subdued recovery ... but will reduce the odds of a relapse."
The gradually brightening jobs picture corresponds to what many job search Web sites are reporting. The Monster employment index, a measure of online postings by the job board Monster.com, rose 2 percent in February compared with the previous year. That was the first year-over-year increase since December 2007, when the recession began, the company said.
Indeed.com, which aggregates job listings from thousands of online career boards and individual company sites, is also seeing improvement. The company said last week that 10 of the 12 industries it tracks posted more job openings in February than they did a year ago.
"We have seen a sharp turnaround in the job market in the last few months," said Paul Forster, CEO of Indeed.com.
Management consulting firm Accenture PLC plans to hire 50,000 employees worldwide by the end of August, according to spokesman Alex Pachetti. More than 7,000 of those jobs, including technology and consulting positions, will be in the United States, he said.
The Labor Department's Job Openings and Labor Turnover Survey illustrates the heavy job turnover that occurs even in a sluggish economy. Employers hired about 4.08 million people in January, the report said. At the same time, 4.12 million people were fired or otherwise left their jobs.
Job openings are down sharply from pre-recession levels. There were nearly 4.4 million available positions in December 2007, the government said, compared with the 2.7 million openings in January.
Most of the January job gains were concentrated in education and health care, the report said. Job openings in those industries rose 72,000, or 13 percent. Hotels and restaurants also saw gains, with an increase of 28,000 openings, or 13.5 percent.
Forster noted that job gains in the hospitality and retail industries signal growing confidence in the recovery, because those sectors depend on consumer spending. Among the 12 industries that Indeed.com tracks, those two saw the biggest gains in job postings last month, he said.
Job openings in information technology
are also rising. Scot Melland, CEO of Dice Holdings, said postings on its Dice.com job board for IT professionals rose 7 percent as of March 1 compared with a year ago.
"We're not seeing a huge rebound," Melland said. "What we're seeing is a nice steady increase in recruiting activity."
http://finance.yahoo.com/news/Job-openings-up-sharply-in-apf-3546200947.html?x=0&sec=topStories&pos=5&asset=&ccode=
dude, it's called risk management, I even posted my sell when I took a percentage out. That's just smart trading.
" it's time to load back up. 7.19"
The implication is that you sold your shares that you got at 7.48.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=45273049
I thought for sure that you were into this for the long haul... to make the big money. If you're jumping in and out of this then we don't need to continue this dialog... I'm a long term holder and I thought for sure you were doing the same but on the short side.
BTW... I'm still holding my real estate portfolio... I'm talking about actual houses and condos purchased with real money for a long term investment. It's all 100% occupied providing a nice income.
Dick Milde
Looks like it's time to load back up. 7.19
Everybody Panic: The Coming Housing Shortage
By Alyssa Katz Feb 25th 2010 @ 9:15AM
The U.S. has a real estate problem. It appears we don't have enough homes to put a roof over everyone's heads.
Say what?
That's the warning from housing economist David Crowe, who projects that the number of homes now being built – on pace toward 591,000 homes and 87,000 rental apartments in 2010 -- isn't enough to keep up with an ever-rising American population. He says that the nation will need to build 16 million new homes over the next decade, or more than twice as many as are coming online now, to keep up with demand. Crowe hints that he's not alone in his concern: "Economists are beginning to sound the warning that today's extremely low levels of new residential production could lead to significant housing shortages."
Now, take this with a grain of salt. David Crowe is the chief economist for the National Association of Home Builders, so part of his job is to inspire fear in the hearts of Congress and government officials across the land to do what's necessary to support residential construction, including propping up the comatose Wall Street market in real estate finance.
As I reported in Rented Spaces recently, vacancy rates have hit record highs in many cities. This week, the blog Calculated Risk pointed out that "the supply of rental units has been surging" (check out this chart to see just how much). Right now the Census counts more than one in every ten rental units as vacant. Add in empty homes for sale and those that are just sitting there collecting tax bills, and it adds up to 14.2 million vacant homes in all. That's a long way toward the magic 16 million number.
And meanwhile, Crowe is understandably alarmed about the record low number of home sales reported this January.
So let's see if we can figure out what in the world Crowe is talking about. Like all such forecasts, his is based on assumptions. For starters, he's betting that most of those Generation Y-ers who are currently holed up with mom and dad are going to decide to strike out on their own when the economy recovers. Then he also figures that the share of renters will continue to grow – with good reason, since more former and would-be homeowners are becoming renters every day. That means a big chunk of the new development will have to be apartment buildings built specifically to be rented. But apartment buildings are big, expensive undertakings that are tough for developers to finance right now.
And then of course a disproportionate amount of of the empty real estate is piling up in states like Michigan and Ohio that residents are fleeing because jobs are impossible to find, or they're on far suburban fringes somewhere where it takes a $50 tank of gas just to get to work. Bottom line: it doesn't count. The trick is to make sure that the areas that are going to see the strongest economic recovery have places for all those workers to live when the jobs finally come.
It's not crazy to think that Crowe and his colleagues are actually right. Back in the Great Depression, real estate development ground to a halt, and just when it started picking up again World War II not only slammed the brakes on construction but drove millions of workers to major cities to be part of the war effort. The result was a real estate shortage so severe that people were living in crates and chicken coops. Brace yourselves - there's a good chance that in tight markets from New York to L.A., economic recovery will bring the biggest real estate squeeze of our lifetimes.
Home Prices Rose for Seventh Straight Month
Feb. 23 (Bloomberg) -- Home prices in 20 U.S. cities rose in December for a seventh consecutive month, indicating the industry at the heart of the worst recession since the 1930s is stabilizing.
The S&P/Case-Shiller home-price index increased 0.3 percent from the prior month on a seasonally adjusted basis, more than anticipated and matching the gain in November, figures from the group showed today in New York. The gauge was down 3.1 percent from December 2008, the smallest decline since May 2007.
Lower property values, rising incomes and government credits are making homes more affordable. A sustained recovery in housing still faces hurdles that include mounting foreclosures, a weak labor market and the eventual end of a Federal Reserve program aimed at keeping borrowing costs low.
“Housing markets are improving and that should continue to be the case going forward,” Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report. “Prices in most metropolitan areas are likely to slowly but steadily increase.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=azNrZPIn0GXg&pos=1
Dick Milde
I'd be patient with this one. IYR may take a run at the year high, but has to retrace at some point. Scaling in to SRS here is probably not a bad idea.
I'm thinking around 35-40 range. I'm trying too buy as much as i can on edz. I think that is going too start sky rocketing up by the end of the summer. Either way i'm looking too hit the bottom of edz in a month. If it comes sooner i'm even more happy because i'm going to buy as much as i can. The Dog
bus, what's your projections on srs & edz
srs: top should be about 25
xero90 the market was up today and srs was up today. My point is that by the end of the summer this should be up alot. And i should have a big smile. Great time too buy edz buying alot of that too.
is anybody else seeing this breakout?
xero90 i bought this at the lowest price. Also you may want to look at zsl/edz/gll. I bought those funds also at there lowest price.
That was the highest close yet [EOM]
Oops, Dick you better tell your banker buddies you need additional help, SRS is about to bust 8.50 again.
Canadian house prices to hit record
CREA expects Canadian sales activity to surge and prices to reach $337,500, as January housing starts numbers also point to a booming industry
http://www.globeinvestor.com/servlet/story/GI.20100208.escenic_1459822/GIStory/
Dick Milde
Going to pill out a little, no I'm not throwing away my entire position.
Are we going to make a new low in the DJUSRE? 167.41
Factories Expand at Fastest Pace in Five Years
Feb. 1 (Bloomberg) -- Manufacturing expanded in January at the fastest pace since August 2004, indicating production gains that are spearheading the U.S. recovery may soon encourage companies to hire.
The Institute for Supply Management’s factory index rose to 58.4, exceeding the highest estimate in a Bloomberg News survey of economists, from December’s 54.9, figures from the Tempe, Arizona-based group showed. Readings greater than 50 signal expansion. A measure of factory employment rose to the highest level in almost four years.
“Manufacturing is growing, it’s going to continue to expand,” said Hugh Johnson, who manages more than $1.6 billion as chairman of Albany, New York-based Johnson Illington. His forecast of 58 was the highest in the Bloomberg survey. “Whether or not this continues to unfold will depend very heavily on final demand.”
Should result in more employment which results in increased demand for all categories of real estate.
http://www.bloomberg.com/apps/news?pid=20601087&sid=atXD883pNJtE&pos=2
Dick Milde
The Stuyvesant Town Debacle: A Poster Child for the CRE Plunge 0 comments
Jan 29, 2010 06:59 PM
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http://seekingalpha.com/instablog/154282-steve-christ/46363-the-stuyvesant-town-debacle-a-poster-child-for-the-cre-plunge
Fortunately for President Obama, he didn't have to deliver the State of Commercial Real Estate Address on Wednesday night...
Because if he did, there is no amount of spin that he could have used to put a good face on the reality of the situation: commercial real estate is a disaster in the making.
In fact, that point was only underscored earlier this week when the owners of the Stuyvesant Town apartment complex announced they would default on the $4.4 billion in loans they used to buy the property at the peak of the commercial bubble.
Now, some four years later, that deal has soured just like the rest of them, as falling rents and plummeting real estate values have turned their big purchase into a no-win situation for everyone involved.
That left Tishman Spenser and Blackrock with their only option: handing the keys back to the lender after missing a $16.1 million interest payment and watching the value of their property fall 65% from the peak.
Left with a property now worth only $1.9 billion, they simply threw in the towel in one of the most expensive cases of jingle mail on record.
2010 Commercial Real Estate Forecast
But let's face it, the Stuyvesant Town debacle is just one of the many strategic defaults headed down the pike right now, especially in a down economy.
In that regard, says Aaron Bryson, an analyst at Barclays Capital, "Stuytown is a poster child for the type of aggressive lending that characterized CMBS at the peak of the market. This is a prime example of these types of loans not working out, and we expect a lot more to come."
Unfortunately, Bryson is not alone...
FDIC Chair Shelia Bair expects the rates of delinquent CRE loans to continue to rise "in the coming quarters," and she reiterated her belief this week that many more bank failures will occur as a result.
What's more, she says: "There's not a whole heck of a lot we can do about it."
In fact just last Friday, regulators shut down five more banks in New Mexico, Oregon, Washington, Florida, and Missouri — bringing the count of U.S. bank failures so far this year to nine.
And guess what? Commercial real estate losses were responsible for a majority of those failures, according to the Federal Deposit Insurance Corp.
"A lot of them were saddled with commercial real estate loans that went sour. You couple that with weak regional market conditions, and that was a recipe for failure for many of those banks," said Greg Hernandez, a FDIC spokesman.
The Perfect Storm
That trend will undoubtedly grind on as the defaults quicken their pace. Over the past year alone, delinquent CRE loans on income-producing properties have risen by 250% to $44.8 billion.
"Not since the early 1990s have we observed this perfect storm of deteriorating rents and occupancies, deflating sales prices, and tight credit that's leading to a lot of defaults," writes Victor Calanog, director of research at New York-based real estate research organization Reis. "With close to $3.5 trillion of loans outstanding and at least 12 to 24 more months of rent declines, I expect to see more commercial properties defaulting on loans."
But despite this "perfect storm," commercial REITs finished the year strong along with the rest of the markets since reaching a low point on March 6.
According to NAREIT, the FTSE NAREIT Equity REIT Index was up 7.15 percent in December, with total returns of 27.99 percent for 2009.
That has been enough to remind investors that just because something is inevitable, that doesn't mean it's imminent; this is why the commercial real estate sector has confounded the bears since the March bottom.
However, those days may be beginning to wane, since the situation on the ground has gone from bad to worse.
In fact, here's a look the most recent headlines from the shrinking sector:
From Reuters: U.S. apartment vacancy rate hits 30-year high
Fitch: U.S. CMBS Delinquencies up 42bps; Peak Not Until 2012
From Reuters: At 17 pct, US office vacancy rate hits 15-year high
From Reuters: US shopping center vacancies hit records - report
From HousingWire: CMBS Delinquencies Reach New All-Time High
Now does that sound like a sector that is going to have a miraculous recovery anytime soon?
... Of course it doesn't. And those headlines are just a few of the many out there.
In fact, practically every single commercial real estate analyst thinks that — over the course of the next two years — the sector will get much worse before the market bottoms sometime in 2012.
That being said, there are a whole host of reasons for this sector to collapse; on the flip side, there is only one reason for it to go up.
But it's a pretty big one: The Fed's wall of liquidity — which can't go on forever.
In fact, even by the Fed's own admission, its helping hand will return to its pocket over the course of the next six months. When that happens, CRE will fall even further all the way into 2012.
Those are facts that can't be glossed over.
Boston Properties beats Street ups outlook
NEW YORK, Jan 26 (Reuters) - Boston Properties Inc (BXP.N) beat analysts' expectations for adjusted quarterly funds from operations and raised its full-year outlook, after having leased a large office space in New Jersey and raising $700 million in a debt offering.
The company, which owns office buildings in New York, San Francisco, Boston and the Washington, D.C., area, said FFO was $146.1 million, or $1.04 per share, compared with a loss of $642 million, or 1 cent per share, a year earlier, when results were weighed down by large impairment charges.
Excluding non-cash impairment charges and non-cash interest expenses, quarterly FFO was $1.15 per share, ahead of the $1.06 per share expected by analysts polled by Thomson Reuters I/B/E/S and the company's forecast of $1.04 to $1.06 per share.
FFO, a measure of performance, removes the profit-reducing effect of depreciation, a noncash accounting item.
Quarterly revenue fell 3.2 percent to $377.9 million.
During the quarter, total occupancy fell to 92.4 percent from 94.5 percent a year ago. Occupancy in Boston Properties' Midtown Manhattan buildings, which command the highest rents, fell to 95.4 percent from 98.4 percent.
The credit crisis and ensuing U.S. recession have dealt U.S. commercial real estate a double punch. Financing for new buildings and to replace maturing mortgages has dried up, while rent and occupancy levels have tumbled.
http://www.reuters.com/article/idCNN2612877620100127?rpc=44
Here's attempt #3 8.30
There she blows, and the DOW and everything is goin down.
DOW 10,137 low
Here's attempt #2 8.30
Chart of the Day Bookmark and Share
While the market has rallied sharply since March 2009, some sectors have begun to break below support of their post-crisis uptrend. One such sector is the all-important real estate sector. For some perspective, today's chart illustrates the current trend of the Dow Jones Wilshire REIT Index. While REITs have been trending up sharply for ten months, REITs currently trade 50% below their February 2007 peak. As today's chart illustrates, the Dow Jones Wilshire REIT Index has just broken below support (green line) of its upward sloping trend channel.
SRS is commercial real estate, not residential real estate.
Whitney Tilson: I'm Shorting The Hell Out Of Homebuilders Because America Won't Need Any Homes For Years
http://www.businessinsider.com/whitney-tilson-im-shorting-the-hell-out-of-homebuilders-because-america-wont-need-any-more-homes-for-years-2010-1
US Commercial Real Estate a Multi-Trillion Dollar Bloodbath in Progress
http://jessescrossroadscafe.blogspot.com/2010/01/us-commercial-real-estate-multi.html
No, I was kind of hoping to average down. I might have to average up to 10 if this keeps up. If you believe in charts, you could take some off the top between the top BB band & the 50 SMA and buy back lower after profit taking.
I'm pretty good at guessing bottoms, but I would like another month from today to confirm 6.90 was bottom.
I guess it's safe to say you won't be taking profits today?
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General Information
ProShares UltraShort Real Estate seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Real Estate Index. The Dow Jones U.S. Real Estate Index http://www.djindexes.com/mdsidx/downloads/fact_info/USRealEstate_info.pdf measures the performance of the real estate industry of the U.S. equity market. Component companies include those that invest directly or indirectly through development, management or ownership of shopping malls, apartment buildings and housing developments; and real estate investment trusts ("REITs") that invest in apartments, office and retail properties. REITs are passive investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests. It is not possible to invest directly in an index. If you are negative about commercial real estate, this is the ETF for you. If not, URE should be your choice. See #board-14698
SRS CHARTS >>> #msg-38175411
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