Sorry to be so hung up on XLU, but, again, it's not only my biggest short position, but it's also the short that is being the most kind to my portfolio.
As most of us know, the bond/interest rate markets tend to be a bit wiser than equity markets as a whole, and they tend to tip their hands before equities. It's instructive, I think, that XLU (which is interest-rate sensitive) is so soft in the face of an astonishingly strong equity market. Take a look at the intraday line chart, below, comparing XLU with IWM (shown in blue).
