I’m typing this before the opening bell, and the bulls, blessed already with 16 years of a nearly endless bull market, have had another gift dropped into their laps by NVDA, which is vaulting almost 7% higher to another lifetime high, compelling several trillion dollars of additional value to equities in general.
![](https://slopeofhope.com/wp-content/uploads/2024/05/nvda-1-640x596.png)
The permabulls at Zerohedge are, naturally, besides themselves, as this is what their masters at GS and JPM wanted to see:
![](https://slopeofhope.com/wp-content/uploads/2024/05/zhh-640x198.png)
In turn, the S&P 500 futures slipped past their own lifetime high last night (marked in red) and are joining the fray of Never-Before-Seen prices.
![](https://slopeofhope.com/wp-content/uploads/2024/05/escape-640x392.png)
I am entirely short, and I am SO cool with all this. Why? Because I’m nowhere near the blast zone. My short positions SUCK. They aren’t budging at all from all this. And that’s just what I want. It’s reflected nicely in the /RTY, which has spent weeks going nowhere.
![](https://slopeofhope.com/wp-content/uploads/2024/05/rty-1-640x435.png)
Am I covering at these levels? On the contrary. Now that NVDA is behind us, I’m going to be shopping for even more.