Over the past few months, through empirical observation and interview, one can sum up the differences between the ‘mask wearers’ and those who don’t or refuse.

The list is brief but brutal its assessment. At this stage there is no going back. If you bought into the hoax, you can’t go back and say you knew it all along:

Mask on                                           Mask off

Rule followers                          Entrepreneurs

Conformist                                Independent

Wait-and-see                            Action oriented

Mediocre                                    Driven to excellence

Buy the dip                                Sell the rip

All in this together                You’re on your own

Whenever it happens, the next leg lower will rip off the mask of rule followers; exposing their false belief that a little piece of paper will keep them safe.

Remember Neville Chamberlain waving his little piece of paper?

‘I give you the peace of our time.’

One of the markets set to continue its collapse is commercial real estate.  The tracking ETF, IYR, just broke out of a wedge pattern to the downside.

The coming week(s) may see an upward test of that break; with a potential reversal and continuation to lower levels.