This is an updated chart of IYR, "A New Intermediate Term Trade" on May 3rd @ $102. The previous low (Wave 1) of $97.05 on Feb 24th was taken out today, with price trading down to $96.54. A Wave 3 decline to below $75 is just beginning and today's action supports even lower prices before Sep expiration. IYR is a longer term low anxiety way to trade a bear market summer without having to devote much day-to-day attention to the position. The Sep 16th $100P was bought May 3rd at about $5.50, currently trading at about $8.50 with its target still above $25. It's still buyable, with a stop at the Wave 2 high @ $113, or a 50% drawdown on the option.
