Let’s face it, the market might be a snooze-fest until Thursday morning, so let’s trot out at old favorite ETF, which is IYR, the real estate fund. This hit a major bottom on October 13th (of course) when it tagged its Fibonacci retracement level, and it recovered almost all the way up to the next Fib higher. Since then, it is meandering, but I’ve gone ahead and acquired some March $88 puts on this sucker.
Here is the longer-term view. I think we could see this down to $65 sometime this year.
