Update on my XLE idea from earlier

AMEX:XLE   SPDR Select Sector Fund - Energy Select Sector
Recently I said I am bearish on XLE and outlined many different reasons why that is. Now I have the chance to short it, and I'm risking a decent chunk on it because I have good conviction in this trade. Note that I decided against buying puts because the volatility premium is simply too high, and VIX is about to get crushed down.
Comment: My short might not fill. let's see
Comment: I also noticed that for XLE, their dividends are down by a massive amount. In 2020 they were paying out 10% dividends which likely attracted this rally fueled by buy-and-hold investors who saw an ideal opportunity. But now, the dividend has fallen all the way to a meager 3%, which does not even beat inflation. This will add extra sell pressure.
Comment: Update: I stopped out on the short, but I bought puts expiring in 60 days at a strike price of $78

I'm still bearish, even more so.


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