The Beginning of the End.

I have been waiting so long for this time that it would almost be criminal for me not to have it officially on record that I believe the US REIIT market is about to collapse. Yes collapse.

We are down some 10 - 12% ytd (guess I cannot remember the number and too lazy to look it up), but we are about to embark on some reall selling soon.

My fund is well positioned to the short side, and I must confess to suffering some major indigestion on Monday as I swallowed hard as the market rallied with the Treauries intervention with Fannie and Freddie. I truly believed the Treasuries actions are a lost cause and will have no lasting impact on the equity markets. My views were rewarded the very next day.

As things stand the European markets are looking soft and the US equity futures are down. With the high correlation between US REITs and S&P500 I am looking forward to some more P&L.
We are up for the month after given back some to the market in August, I am really looking for a big month on the P&L side.