My antipathy toward the market has reached such a point that I actually woke up after the opening bell this morning – virtually unprecedented! I glanced over at the desk clock, and it was 6:50, which was about two hours after I normally get up. Egads!
In any case, things are steady this morning, and I wanted to take a moment to pat my biggest position – XLU – on the back. Not that it's done anything spectacular, but it's the one short position in which I have the most faith. Even during yesterday's New Year Bullishness, it only crept up a small fraction of a percent. Let's look at the chart:
This chart has everything going for it – – a very clean stop, a well-formed top, and way more potential reward than risk. Plus, in this environment, I'd prefer going for something mellow like XLU as opposed to the looniness in IWM-land.
