SL Green (SLG), a New York City based REIT broke through resistance and then appears to have used it as support for a new leg higher. It is however approaching a multi-year downward trend, which could spoil the party. If it breaks through that, then, well who knows where it could go.
Anecdotally, I like this stock because:
- I like in NYC and most of my friends who were working from home are back in the office, or about to be back in the office and they're happy about it. The desire to never leave your home is not as strong when your home is a 550 square foot box with bad air conditioning.
- New York in general is very open. There's an energy in this city that is ready to get back to normal, and party like there's no tomorrow. Observation would say that working age adults in NYC no longer fear covid in almost any capacity.
- It's hard to call an NYC REIT an inflation hedge because there are so many other forces at work, but it's not, NOT an inflation hedge.
I've been in this trade for a little bit, I'm looking to add more on a consistent breakout about the monthly downtrend.
Do your own due diligence. But also let me know whether you think it breaks through.