Well, piss me OFF. This morning was looking like the bears were going to need some much-needed relief, with crypto threatening a major failure and the ES down more than 40 points. But then, straight outta Washington, D.C.,, the buy programs hit with merciless vengeance:
It seriously sucks. But if we take a few paces backwards we can see, once AGAIN, how this is just another goddamned counter-trend rally in the context of another counter-trend rally which itself is within another counter-trend rally. These goddamned bulls just won’t let it go.
We step back even farther, back to the comical lifetime highs, and we can see what’s been going on for MONTHS now. They just keep fighting it.
It’s quite tiresome, though. Truly tiresome. The 99.99999999% of the investing public which are permabulls simply cannot let go of the fact that things have changed.
I confess, all this chatter about $3.2 trillion in notional value for next week’s OPEX, and all the gamma “unclenching” and other such topics I fail to understand, it makes me worries what mayhem or shocks might be in store for us. I can only lean on my faithful charts, on a symbol-by-symbol basis, to try to retain the sanity.
I am persistently keeping my options FAR out in the future, none of them earlier than September 16th (a full 101 days away!) and some of them a full 227 days away. It’s bonkers, I know, but it certainly gives me gobs of time to be right (or at least suffer less).
The shame of it is that I can’t really put the pedal to the metal until we have a clean breakdown, but we keep getting teased to death. It’s insane. We get THIS close to a failure point, and like a bolt from the blue, the buys slosh in.
I guess you can tell I’m getting sick of it.
