Despite an 11% broad market correction, the IYR ETR for the real estate sector never even came close to giving up, let alone retesting, its primary breakout from the summer 2011 correction. The weekly chart inverse head and shoulders bottoming pattern from last year still projects much higher from current levels, and leaders like PSA and SPG sure seem to point higher. True, the sector offers high yielding stocks, which could mean this is more of a flight to safety. However, price is speaking loud and clear with the real estate sector. Bulls want to see more sectors firm up like this for a broad-based market rally to sustain itself.
Here are the top ten components of the IYR ETF:
Simon Property Group Inc SPG
Public Storage PSA
Vornado Realty Trust VNO
Annaly Capital Management NLY
Equity Residential EQR
HCP Inc HCP
Plum Creek Timber Co PCL
Host Hotels&resorts Inc HST
Boston Properties Inc BXP
Avalonbay Communities Inc AVB
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Fricking ridonkulus. There are more dead malls than ever. More and more storefronts are empty, and yet, IYR continues upward.
It makes no sense, but I’m not about to get in the way…. yet!
Thanks Chess, my kids are busting out extra chores now to save up for a down payment on that house.