Simon Property Group Under Pressure
This morning the leading commercial real estate stock, Simon Property Group Inc.(NYSE:SPG,) has faded from its gap higher open. The stock started the trading session at $108.50 and is now trading at $107.50. Short term traders can watch for intra-day support around the $107.00 area. This level is a likely intra-day bounce area for the stock.
The iShares Dow Jones US Real Estate ETF(NYSE:IYR) is trading higher by 0.09 cents to $59.48 a share. The popular IYR will usually trade in tandem with Simon Property Group stock, however, today that is not the case. The IYR should have short term intra-day support around the $59.35 area.