Utility Stocks Tumble

On Monday I commented how the weak groups were remaining weak and that I was adding to my short position in utilities, homebuilders and reits. Today we saw many of these weak groups that I have short sell off sharply.

The utility index (UTY) was down over 2.5% today with one of its largest range days in quite some time. As you can see in the above chart the utility index isn't far from making new lows for the month.