By timing on REITs has been horrific the past year and a half; I will wipe away the egg on my face yet again and sell SL Green (SLG) on strength here. If the stock moves over $64 it could begin a new leg up but I want to use our +3% days (which now come every 4th or 5th session) to lighten up on losers. I have about a 0.5% exposure left over in which I am taking a 11% loss on.
I am interested in how bullish many people have become today... at this point this bounce is no different than the two 3% moves we've had in the past 10 sessions. In retrospect perhaps one of these times we'll look back and say that 3% move actually meant something but no one can tell yet. Until we get over the 200 day moving average on the S&P 500 I see little to get excited about. That said, I see today easily ending at highs of the days as computers rush in.
I now have 9 outstanding limit short orders, each about 1.5 to 2.5% in exposure. I am hoping 4-5 hit if we get a Kool Aid rush tomorrow and get near 1100 on the S&P. If this is a new V shape bounce (of which I believe there is a 10% chance happening) I will cover those as all entry points are very near resistance areas. But for now I still need many of these stocks to rally another 3-6%.