Well, this morning is a disappointment so far. The surprise news from Microsoft (NASDAQ:) briefly took the market down hard, but as I’m typing this, every single stock futures contract is in the green.

The real estate fund iShares U.S. Real Estate ETF (NYSE:) is down, however, in spite of the rally, and it remains one of the cleanest topping patterns in ETF-land.

IYR Chart.

The longer-term chart illustrates nicely the larger potential of this position.

Long-Term IYR Chart.

I guess the day will be relatively quiet as we await Friday morning’s job report. I have done little trading so far, and I suspect even now I might be done for the day with any trades.


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