I think it is pretty clear that the after last weeks dumping of REIT stocks that they are now making strong come backs this week. After the Dow Jones industrial average rose over 6.5% on Tuesday and the ASX only rose 0.8% on Wednesday. I think the ASX has some way to go in terms of following a strong lead from wall street.
Another observation I made was that Goodman Group (GMG) is now trading at a higher share price than GPT. I think that is ludicrious considering that GMG fell to 13.5cents only a few weeks ago, compared to GPT significantly less low of 22 cents.
Anyway, lets wait and see! I am holding on to my shares until they go above 50 cents and I think considering the facts with REITs at the moment I suggest others hold out at least until the end of the week. GMG went up 26.7% today, now its time for GPT turn for a bear rally.
GPT Price at posting:
31.7¢ Sentiment: ST Buy Disclosure: Held
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