iShares Real Estate (IYR) had a good second quarter, gaining 27 percent, on hopes massive global intervention to boost economic growth along with easing strains in the credit markets were serving to help the REIT sector forge a bottom. Today, however, IYR shares are down $1.23 to $31.51 on bearish jobs data and some players in the options market appear to be bracing for further losses over the next two quarters. The IYR Jan 25 – 35 (1X2) put ratio spread trades 26000X today. Looks like buyers paying $3.05 to open new positions.