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I am inclined to apologize for my persistent navel-gazing about my XLU trade, but it merits examination, and there are lessons to be learned.
I was curious when I discovered – – and I use the word “discovered” very deliberately, since I’m exceptionally good at spotting patterns with my eyes/brain combo that computers simply cannot do – – the diamond pattern in the Utilities. It seems to me it took place way back on May 16, 2023.
Good God. It happened again.
On Friday, I closed out my AA (Alcoa) puts for little better reason than I was bored with them. Aren’t you dazzled at my charting genius with that kind of rationale? Well, you know what happened first thing Monday morning.
Do us both a quick favor and pull up my Boiling It Down post from just days ago. Got it? OK, good. Now please look at this chart:
I had actually forgotten we even HAD the volume profile study. I gave my all-important XLU a look, and this is encouraging, since there’s a thick wall holding off price ascent.
Looks like Powell won. No matter how high interest rates get cranked, and no matter how much debt the nation issues, assets just keep going higher. They’ve been doing it practically nonstop for nine months now, and even after yesterday’s latest ramp bump, and warning there may be more to come, the screen is fully green.
