Drawing Up Some Afternoon Plans

I still retain half of my SRS long, which is the ultra-short ETF for the REITs, after taking partial gains earlier this week.

On the first chart below, which is the daily timeframe for the IYR (straight-up ETF for the REITs), we could easily be seeing a bearish continuation pattern after it hit my initial target of the 100-day moving average. If we see further downside I would consider adding back to SRS to press the bearish bet. 

And also keep an eye on UVXY, seen second below on the 30-minute chart. While I am not a huge fan of doing technical analysis on the levered VIX ETFs, such as this one, Bollinger Bands are compressed, or pinched in, indicating a directional move in volatility this afternoon is likely. So keep an eye on vol.