Early in the session, looks like AMT is leading the way lower.
In addition, a new pivot may have been established along with a new (lower) trend line. Subsequent price action will determine if we’ve seen acceleration to the downside.
Separately, IYR has just posted a new daily low … helping the case for reversal (and not ‘throw-over’) at this juncture.
The firm maintains its short position via DRV (not advice, not a recommendation).
Separately, bonds (TLT) broke lower at the open which was unexpected.
The long position in TMF (3X TLT) was exited just after the open. Not advice, not a recommendation.
Even though expectations are for TMF to recover, we’re not going to wait around and hope.
One gets the sense events are happening quickly at this session. Was the Texas blackout the ‘event’ to trigger a market reversal?
It’s possible. Real esate, IYR now trading lower at -1.38%, just 90-minutes after the open.
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