When I sell a position, I make a space for it in my spreadsheet so I can track what it did afterward. As you can well imagine, the dozens and dozens of put positions I’ve closed over the past couple of months have been blasted to smithereens, which means, first, that I’m glad I got out, and second, this market is quite obviously going to roll over bearish positions with a Mack truck.
Out of 40 positions, there are merely two that are in the green. That is to say, only two were so incredibly defiant (which means WEAK in their stock price) that they’ve prospered. One of them is XLU, which is our old friend. The other, shown below, is Freeport McMoran (FCX). My point here is that if, in the face of all this insane bullishness, FCX can continue to make money for the bears, then it has some serious, serious troubles ahead.
