Today's market - SKF/SRS

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acpme_IHB

acpme_IHB

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S&P is up 1.8%... but financials and commercial real estate indices went kaboom! there was a rumor of a buyout of an apartment reit Post Properties (PPS) that sent reit prices skyrocketing.





i know a lot of us here have SKF and SRS... ouch. down 13% and 15% today, respectively. time to load up?
 
You have to make your own decision, but I'd wait until after the Fed meets next week. Even with the rally today we are still oversold.
 
I suspect we are witnessing the first day of a short covering rally. The time to load up is coming. IMO, the market will hit resistance at is 200SMA and most likely roll over.
 
According to the chart I just pulled up on Bigcharts.com, the 200 day SMA on the Dow is at about 13,400 and about 1480 on the S&P500. That leaves a lot of upside.





Since SRS and SKF are inverse ETFs, the 200 day SMA would be support, not resistance. It's about 95 for SRS and 85 for SKF.





Personally, I start getting interested in SRS when it is in the mid to low 90's. I like SKF in the high 80s.
 
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