Well, this morning is a disappointment so far. The surprise news from Microsoft  (MSFT) briefly took the market down hard, but as I’m typing this, every single stock futures contract is in the green. Feh!

The real estate fund IYR is down, however, in spite of the rally, and it remains one of the cleanest topping patterns in ETF-land.

The longer-term chart illustrates nicely the larger potential of this position.

I guess the day will be relatively quiet as we await Friday morning’s job report. I have done little trading so far, and I suspect even now I might be done for the day with any trades.