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Until SMH shoved it aside, XLU (the Utilities) was my favorite trade. It’s still my second biggest position, and I’ve never fallen out of love with the beast. Here is the current state of this exceptionally well-formed diamond on the Dow 15 Index itself:
I’m getting the sense that any companies that have to do with restaurants are universally in trouble, because discretionary income is shrinking. It’s hard to believe, but only four years ago Denny’s was one of the hottest stocks on the planet. Now it looks about as appealing as one of their “steak” dinners.
And that’s all I’ve got to say about that.
Remember the retail chain known as Big Lots! (symbol BIG)? I had lost track just how severe their drop has been. They are down something like 93% from a couple of years ago, and their share price is now equal to what it was in early 1991. Early 1991! A third of a century of progress, laid waste.
