Hot Flames, Wet Matches

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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.

The permabulls at Zerohedge are, naturally, besides themselves, as this is what their masters at GS and JPM wanted to see:

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.

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.

Am I covering at these levels? On the contrary. Now that NVDA is behind us, I’m going to be shopping for even more.