Interesting Day in REITs

Despite the market weakness, almost all the top holdings in the Dow Jones US Real Estate Index (IYR) are up. This is the index that the Ultrashort Real Estate (SRS) bets against, so I am curious as to why it is happening. I don't see any company specific news on any of the top players like Simon Property (SGP), ProLogis (PLD), or Vornado (VNO), but in this day and age it could be anything - a hedge fund blowing up behind the scenes, forced redemptions at another fund forcing short covering, who knows. Just find it interesting due to lack of news to see these names all beginning to ramp at almost the exact same time (10:30 AM)?

Anyhow... relating to the overall market we are now nearing the bottom of the range we were just at the top of just 2 sessions ago. It shows you how narrow of a band we are in and how quickly things can go from the verge of turning positive to the verge of turning negative. Remember, S&P 500 level of 1320 has been our floor of late. [Yawn. Up. Down. Nowhere Fast] About 10 points away. If the ping pong action of the past month continues, it would be logical that we'd begin to rally off these levels if not today than early next week. But eventually this pattern must stop and we break off; one way or the other.

If the market continues weak through the day which I imagine it will, I'll lighten up some of the short exposure late in the day, as I'll probably be doing every week going into a weekend - remember we always risk government initiatives being announced that can make the Kool Aid drinkers giddy....

Long Ultrashort Real Estate in fund and personal account