chuckination

CyrusOne: Datacenter REIT for a Defensive Tech Play

Long
NASDAQ:CONE   CyrusOne Inc
I picked up CONE with a few other REITs last week anticipating a possible May meltdown, and it's the one that's left in my portfolio. It's been weathering the current correction pretty well, and I don't foresee that correction ending until some better news from the US/China trade negotiations comes out. CONE is doing great financiall, and they posted an 870% earnings surprise (wow!) which is enough to safeguard against the current downtrending market beta.

For the technicals, MACD has stayed positive with the histogram going back to positive about a week ago. RSI is high but this week's consolidation has brought it back down from overbought indicating that there may be more room to go . The 50 day moving average is just about to break above the 200 day, and if it does, CONE is probably going to be a haven for big money. DM+ has dropped some to kiss the ADX line, but I expect it to bounce off as more investors realize that this current corrective cycle is likely to last much longer and seek out more defensive plays for their alpha strategies.
Trade closed: stop reached: Took profit below where I wanted, but this market is wild right now. Doesn't look like any high growth or high tech options are going to do well right now.

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