$XLRE via $DRN (At 50-MA support)
$Real Estate Select Sector SPDR Fund(XLRE)$ via $Direxion Daily Real Estate Bull 3X Shares(DRN)$ (At 50-MA support)
The rates sensitive XLRE real estate sector played out the classic "buy the rumor (rate cut), sell the news" and has now settled at the rising 50-day MA with sideways action for the past 7 sessions. XLRE gapped down on 4/10 pre-market as the likelihood of an additional 50bp rate cut diminished due to release of a stronger-than-expected monthly jobs data.
A near-term gap fill at $43.80 presents an intriguing swing trade opportunity in risk reward perspective. The next pre-market econ data is not due until Thursday (September retail sales data)
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