Post by
garyreins on Oct 31, 2024 8:50pm
Technicals...
XRE is down exactly 9.8% from its Sept 13 high and if it goes from $16.18 to $16.00 tomorrow that's an 11% correction and sitting at the mother of all support levels (a breakdown of this can very well mean we go back to June and fall 2023 lows). I reference XRE more than Artis becomes individual names are overly volatile on the way up and down.
Hence, what should happen is we open red down 1%, the short/traders high five each other at goldman sachs successfully doing a nasty short-side trade going from $17.93->16.00, and an early morning/intraday reversal happens perhaps a sharp one at that sees names finish green.
This sets up well for the long side of the REIT trade going into another "banked" BOC/FED cut in Dec and some softening of the 10yr yield.
This is what "should" happen.
Now if the big boys are going for a big flush playing the election uncertainty card then we're screwed.