This market is teaching some lessons that I think are harmful (but, in this environment, necessary). For example, this morning, I came into the day long a bunch of $RUT puts. I was delighted to see the ES down over 10 points before the market opened. It looked like a good day.
But I have developed a deep distrust of this market, and I decided the wise thing to do would be to take the money and run. Well, thank goodness, because as is so often the case lately, the normal market action is bastardized by the POMO retardation, and everything shoots higher. Take the NQ as an example.
The NASDAQ didn’t fly higher because Apple introduced a working Star Trek transporter beam. It simply……..went up. So as much as I was beginning to warm up to this market last week, it has rapidly returned to its old, unlikable self.