The Dow Utilities, against which I have January 2019 puts (by way of XLU), has been tearing higher since June 12th. The moving averages are still intact, and we’re coming up upon a wall of resistance that I believe will cease the public’s newfound adoration of utility companies.

Here’s the longer-term view, which I hope better illustrates the rationale behind my bearishness. With seven months of life left in the options, I can be patient. I might just buy more today.