Contrarian Trade in $XLE

$XLE

Came across this post from Ren Mac re: XLE 0.00%↑

I’ve been in XLE 0.00%↑ spreads since Q1, and have been adding since the recent push over the 5 day MA that occurred last week. My hunch is that the low for the year was already put in in January around $79. So my trades are focused on that thesis vs speculating on the upside. I’m looking at selling spreads at the $85/$84 level over the next 30-45 days, as well as spreads at the $80 level going out into December.