But Mrs. Mulwray...

"But, Mrs. Mulwray, I goddamn near lost my nose. And I like it. I like breathing through it. And I still think you're hiding something." - Jake "J.J." Gittes, Chinatown (1974)

Dedicated short-sellers have not had a pleasant summer, as the Brexit limit down move in the S&P futures looks to have been a rare vacation of the "crash from the top," which is not supposed to occur very often, if at all. 

Since then, even the worst of the worst stocks has been given a fighting chance to punish those of the ursine mindset, including recent displays of DDD GOGO GPRO TWTR YELP all squeezing with no mercy. 

However, inside Market Chess Subscription Services we cater to a variety of trading styles, in lieu of cavalierly dismissing a given strategy as being wrong. In reality, there are plenty of different styles which can work very well over the long run (and the long run in speculation is often much longer than most think). 

As long as the given strategy is sound in terms of risk management, even the most ferocious bear should not have suffered a Gittes-esque nose injury, or worse, this summer. 

At the moment, utilities are getting pummeled today in light of the rotation back into growth stocks. 

American Water Works, a water and wastewater utility company, conjures up the plot of Chinatown and has also been on a tear higher for quarters on end. 

As much as I wanted to short the name continuously, even shorting-and-holding it, I did not. Instead, I looked for quick shot with tight stops and saw the name keep grinding up. 

However, the price action of late in utilities seems a little more in line with an inflection point. So while my previous opinion about the name being wildly extended was not enough evidence for me to put myself in a position to get my nose cut, now we are looking at more concrete evidence across the sector, and market conditions, to look for sideways or down in the next few weeks or months.