IYR ready to make a move down to $35 region
Of late, IYR seems to have gone parabolic. We all know how such parabolic moves end. Once the reversal happens, the down move that happens is faster than the parabolic move up. IYR broke out at $35 mark and should head there in a hurry.
I am no longer trying to play this by going long SRS. With the big moves up in bullish leveraged ETFs, I am going to play this and other downside moves by shorting the leveraged bullish ETFs, which in this case is URE.
A move down to $35 region should take SRS to $15 – $15.50, and URE down to $4 region. It is not uncommon for IYR to make moves of 8 to 10% to the downside in a single day. As always, any love shared is appreciated.
