05Feb1:09 pmEST

This Chart Has a Definite O Face

On the back of our recent analysis about some crowded trades in the "safe" sectors and stocks, like AWK, we also have the REITs looking long in the tooth, or perhaps in need of at least a respite. 

SPG is the top holding in the IYR, and it sure does look dodgy on long-term timeframes. 

But MAA is also getting clocked today, too, after a powerful one-way advance.

Moreover, O is sporting a textbook weekly reversal candlestick, below, at overbought conditions above a recent breakout level. i suspect the breakout will not go quite so smoothly, in terms of holding above it in this market climate. So, I am looking at the REITs as another short-term unwind candidate into next week. 

As for the Nasdaq carnage and the signs of life in miners, I cover that for Members in my usual Midday Video. 

Spelling Out Fear Before We ... Defense Wins Championships (...

 
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