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The State of the Market -- Part II

By Jim Cramer

 About this article:
 This is the second of a four-part piece about the market we find ourselves in as we begin to wind down 2009. Be sure to read the first part. Group 2: Commercial real estate plays. If there were one particular Achilles' heel of the bulls (amid a centipede-like group of Achilles' heels), it's commercial real estate. This issue is the stuff of endless articles and discussions, from the preternaturally-given-to-thermonuclear-war-against-stocks Gretchen Morgenson to our own jeremiad sounders -- too numerous to mention -- on RealMoney. So I struggle with what to make of the action in the real estate investment trusts if things are going so awry in offices, malls and apartments, the troika of pain that is supposed to cause the next wave of collapsing banks. The riptide should be carrying the following in its undertow: Avalon Bay , Equity Residential and UDR in apartments; Simon...

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