Reits: Breakout To New Highs
One of the strongest groups today were the Reits. Back on December 26th, I posted my reasons why the reits should rally. Basically the Reits were at a cyclical low which has been very accurate and were also at the 50 day moving average.
At the time I made that post I was bearish/cautious on the overall market so I wasn't looking to buy anything. If any of you did happen to get long some reits, I still think there is some more upside left in the trade because this particular cyclical low is usually good for about 3 to 5 weeks of upward movement.
2 comments:
Are you concerned that the recent low broke the 50 day M.A.?
Not at all.. The support level held and the original low was never taken out...
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