I realize the markets are surging (ES up 21 and NQ up 50 as I am typing this), but in the spirit of selling into strength, I wanted to share the real estate ETF below. Take note of recent commodity channel index action and what kind of moves have taken place in the past. My view is that rising interest rates are not going to be a boon to real estate.
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Anyone who has ever opened up a newspaper is all too familiar with the flowery language real estate agents will use to push their wares. Here in Palo Alto, with housing prices at historic highs, the thesaurus is in heavy use. Increasingly petite properties at ever-rising prices are becoming more difficult to perfume with prose.
This morning I stumbled across this beauty: