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Forget this "bull" stuff. I've reverted to my nasty old self, buying RUT puts. I'm sticking with where things are weak.
In the meantime, this is one of my favorite esoteric songs ever, from the Crash Test Dummies. Watch and enjoy! {Life tip: if you ever ask someone what kind of music they like, and they tell you "anything, as long as it's got a good beat and you can dance to it", him or her them over the head with a vase and run like mad).
???
Those acquainted with futures symbols and month codes might find this post's title somewhat clever. Others will simply roll their eyes in disgust.
In any event, in spite of me knowing better, I just couldn't stomach hanging onto that S&P call position. After the ISM pop, I got out of those things. The S&P 500 chart still looks potentially fantastic from a bullish perspective. But the feeling I had this morning when I saw that GLOBEX was stomach-churning. I don't want to go through that again.
In spite of my fears this morning, I am way in the green today. The irony is that I'm not quite sure why. Crude oil is up big-time (again……….it's getting kind of monotonous). And Lord knows my S&P calls didn't throw off profits – – simply a much more modest loss than feared.
Guess I'd better dust off the charts and see what's going on behind the nice fat green dollar signs on my screen. Suffice it to say, I was gripping the armrests of my chair at the opening this morning, but I feel better now. I feel better than James Brown. (tip of the hat to Was Not Was).
It is just a skosh ironic – actually, kind of painful – to be a "permabear" and still underestimate just how far the market will fall.
Normally this kind of GLOBEX screen would make me beam with delight. With a big index call position, however, it shocks and frustrates me. It's mitigated by a boatload of other (smaller) put positions, but I've got to – – this is a shocker.
I can only assume at this point that the $RUT is going to soon nail the target I set out for it in the first place; just a lot earlier than I thought it would ever get there. Ugh.
