Several days ago we sold our long position in the iShares Dow Jones Real Estate Index Fund (IYR) as it came within 30 cents of its target. Over the past two days IYR has be consolidating near the price level that we exited. During strong uptrends ETFs tend to “hug” the 10-day moving average. The possibility exists that IYR may not retrace significantly before potentially going higher. We will be watching this ETF closely for a possible buy entry on an undercut of the 10-day moving average or a pullback to the 20-day EMA.

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