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The IYR is having an impressive day, as you can see by the bullish engulfing candle being printed on the daily chart below, on strong volume. Note that I assign more credibility to the bullish engulfing candle when it comes after a fairly steep prior downtrend of consecutive red candles, especially, which we have here.
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According to The PPT Seasonality feature, April is the best month for Retail REITs after December.
Seasonality
Month Avg % Return # Up # Down % Up % Down January 0.40% 244 192 56% 44% February -0.30% 245 193 56% 44% March 2.61% 296 145 67% 33% April 3.42% 274 160 63% 37% May 1.61% 276 170 62% 38% June 0.37% 281 170 62% 38% July 1.56% 269 176 60% 40% August 2.38% 285 168 63% 37% September 2.25% 292 148 66% 34% October -2.95% 187 259 42% 58% November 0.09% 279 167 63% 37% December 4.44% 309 126 71% 29%
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Finally, many of the REITs are printing huge engulfing candles only after selling off first. However, one REIT that has held in exceptionally well and is more of a breakout play is VNO. Note how it simply based out above all moving averages, rather than selling off like the others did. I like this relative strength.
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Missed most of the day so I jumped right into ppt scans and i start seeing REITS popping up. Then I check CnW’s blog. Lesson: read CnW first.
Thanks, Earl.
wouldn’t DRN be a better play?
Sure, if you want a 3x levered insane beta play.
UBA, ftw….
And for the grandkids accounts.
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Indeud, Federal Marshal Given. Boyd Crowder agrees too.