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:
The puts I mentioned on Friday? We closed them today for a nice gain:
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:
And that may be a lesson for those eager to chase today’s low volume ramp session in the $SPY.
Categories: Daily Market Brief