The utilities are having a somewhat rough go of it this week lower by almost 3% headed into Friday. One would have to go back to the week ending 6/26 to see a WEEKLY loss greater. That was actually the last week of an uncharacteristic 3 week losing streak that fell by a combined 10%. Since then the group has traded mostly sideways between roughly 53-63. Was the slight push above that level earlier this month a bull trap as it pulls back into the range? Perhaps it was just not ready for primetime and needs a “recharge” of stamina, pun intended, before it resumes its uptrend. At the moment it is on a current 5 week winning streak that rose by 10.3%, its first of 2020, so maybe it got a little bit ahead of itself. It is certainly an attractive space, with a dividend yield near 4%, and to call it a bond proxy would be an insult to utilities as bonds, at least Treasury are yielding very little.