Utilities See Some Damage
Tim Knight | Sep 14, 2018 01:45PM ET
This was a dreadfully drama-free market. When I wrote this, the ES was down all of 8 hundreths of a single percentage point. Whoop de freaking do.
One bit of obsession for me remains the Dow Utilities, on which I have an obscene number of January 2019 puts. On Friday, for the first time in months, we saw a small bit of damage to the ascending trendline. Nothing definitive, but it certainly helps.
Looking at the longer term view, you can see how important this broken wedge could be.
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