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I have a longstanding fondness for the Dow Utilities, but I’ve been quiet about them lately. Let me dust off this topic and review a few key charts. First of all, the Dow 15 Utility Index ($UTIL) has proven itself over many decades to have a reliable habit of creating a potent topping pattern and then falling hard. Fake outs are rare, and tumbles are deep.
As a follow-up to last week’s post on William Sonoma, what was hot has simply become hotter.
I couldn’t help but notice that paint maker Sherwin Williams (SHW) had the same pattern that Home Depot, discussed in an earlier post today, had. Essentially it matched a prior lifetime high.
I hadn’t looked at Penn Entertainment for a while, but what a dog! To say this is underperforming is an understatement, since this completely bogus, fake, fraudulent, government-manipulated market should basically guarantee every single common stock a lifetime high every single day. I supposed the company must be dreadfully managed. Keep in mind, this is the same company that made Dave “Mr. Class” Portnoy super-rich, and then he turned right around and bought his company back for $1. So, yeah, some real geniuses in management there at Penn.
Stocks related to space tourism and transport have been fairly disastrous. Virgin Galactic (symbol SPCE, brought to you by Chamath “Scamath” Palihapitiya) has lost virtually all its value, as has the ironically-named Momentus. The third one of these, Intuitive Machines, was the company that crash-landed its lunar module a few weeks ago. Of these, the last of them actually looks the least-awful.
