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I realize that a short position in anything from kitty litter to used bandages has been a financial error for a long time, but honestly, if there was EVER a moment that Next Era (NEE) was just begging to be shorted, this is it. We have pushed all the way up to resistance, and this is a sensational top. If one were to be so bold, I’d at least be really conservative on the “time” side of things, given this at least until September to work out.
I know I keep going on and on about Next Era Energy (NEE), but it’s a fantastic top, and it seems to be, at long last, starting to turn south.
Below is Archer Daniels Midland (ADM). It hasn’t closed its gargantuan price gap, but perhaps it never will. So far, the stock has peaked at 63.09, while the price gap is just above $67. In any case, this is an impressive top, so while it’s unclear whether any more progress will be made on that gap closure, I nonetheless wanted to share this topping pattern.
I have a longstanding fondness for the Dow Utilities, but I’ve been quiet about them lately. Let me dust off this topic and review a few key charts. First of all, the Dow 15 Utility Index ($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.
