Well the SPUZ got down about 3 bucks on the day and right on cue the buyers stepped up and saved the day rallying them back up 5 bucks or so...Im selling some futures back out - eventually one of these snap back rallys will fail and the bulls will be faced with a down 25 to 30 point day in the SPUZ but until then they will keep up their tricks. The REITS appear to be teetering which I continue to believe is a major tell in this market...JPM announced yesterday that they are looking to sell 23 buildings - I doubt they are doing that beacuse they expect prices to rise....maybe their own commercial RE dept wont refinance the mortgages - that would be a good one or maybe they are short some CMBS paper on these buildings and want to push the values lower (kidding on those last two comments). Meanwhile another REIT , AVB came to the trough last night with a 400 million dollar ATM stock selling program...when does it end??
Key on the REITS and the party in BAC today....
JB
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