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Back in the day, I used to track a stock called Pennsylvania Real Estate (symbol PEI). I don’t remember why I stopped watching it – – maybe the options didn’t exist, or were thinly traded – – but I tossed it to my secondary watch list. I stumbled upon it today, and I can only say WOW. Down from over $250 to just a few bucks. I guess we’ve out-bubbled the former housing bubble.
I mentioned homebuilders as great short-sales two or three billion times. You can see how this is going:
I’d say that Slope’s bearish disposition toward all things related to housing has worked out sensationally well, with IYR being one of the greatest charts of all time!
Here’s an interesting look at housing affordability. And, hey, the Bay Area scored two mentions!
It seems like we’ve been talking about the IYR analog since John Kennedy was in office. This thing moves so damn slowly. The flip side is that if the pattern does complete, the move will likewise be powerful and persistent.
As a reminder, the “analog” actually doesn’t exist anymore, but only because the recent topping pattern is so much better than what took place pre-Covid. The trio of exponential moving averages is definitely behaving itself properly.
