You could hear a pin drop in the 9th floor, as my mood sours considerably throughout the course of today.

Despite calling for this September rally – even dropping my cash position by 10% allocated to BAS – I find myself on the outside of it, looking in. Only my silver position is really making me money.

BAS sold off hard before the rally got underway, and despite an impressive 20% rally inside of 5 days (brutally raping all short sellers and their fan-boy option cheering, money losing methods) that puts me at about break even in the position. I obviously should have jumped in for an average down buy; but I wanted to keep a 25% cash minimum and still do.

I could still enjoy this rally, if it weren’t for the fact that my REITs just don’t seem to want to participate in it. AEC and CLP are both sucking wind here. If I weren’t so thoroughly committed to the idea, I’d drop them just for infuriating me.

AEC is obviously not rally material. This is a face ripping risk on rally. REITs are for the “panic” positions of deflation-gripped terror we found ourselves in 2 months ago. AEC cannot rally as they are only making boatloads of money with absurd levels of occupation not seen in apartments in the past 100 years.

Should we start to sell off, that all changes. Then, AEC wouldn’t be rally material for a whole other host of reasons…