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NorthmanTrader

Markets-Macro-Charts-Crypto-Alerts-Technicals

$XLU Update

That $XLU chart I pointed out in the past week or so? We got some nice follow through today despite equity strength, or maybe because of it as safety is not longer required apparently:

XLU

The puts I mentioned on Friday? We closed them today for a nice gain:

XLU puts

Is the trade over? Not necessarily, as the 2013 action shows we may see much more aggressive selling, but it’s also options expiration and $XLU has taken out a month’s worth of gains in just 3 days:

XLU daily

And that may be a lesson for those eager to chase today’s low volume ramp session in the $SPY.

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Categories: Daily Market Brief

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