In a twenty-three-month period of frustration and disappointments (yeah, the bear market seems to have smothered to death in mid-June 2022, and them cremated on October 13, 2022), perhaps one of the biggest disappointments is the Dow Utilities, which I’ve mentioned a few billion times. The $UTIL had an amazing diamond pattern, and still does, but its explosive move higher, particularly over the past month, has been jaw-dropping.
If you look at XLU, the move is even more pronounced, because dividends are taken into account. This has blown past resistance after resistance, and it’s beginning to seem unclear if that big diamond even matters anymore.
One would think the old saw “burnt once, twice shy” (or would it be burnt seventy-five times?) would apply here, but, nay, nay, I say unto you, I’m giving one last shot to NextEra (NEE), my favorite XLU component. I’ve bought January 17 2025 puts to give this sucker gobs of time, and I’m going to have a super-loose stop at 77.38.
This is your last chance, pal!
