Commercial Real Estate: Didn't Rally With Rest of Market

Even as the broader equity markets rallied, commercial real estate did not. The Real Estate iShares (IYR) underperformed significantly. It has now begun to apparent that the next shoe to drop will be commercial real estate and that it will a large shoe. IYR was unable to get past the gap $28.00 and failed to get past both the declining 20 day EMA (blue line) and the 50 day EMA (red line).

The Commercial Real Estate Outlook 2009 [ HT Moose ] report from Deutsche Bank is truly chilling.