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Let’s stop all this hand-wringing and short some fresh stocks, shall we?
My next victim: UBER! They just announced earnings, which have been warmly received. More importantly, besides having earnings risk (and premium) shoved aside, we’re back at an attractive short point. I just gobbled up a bunch of December $65 puts.
As I am typing this (I really shouldn’t have to type that each time………..) the /ES is up 35 and the /NQ is up 138, which in normal times would be a wild morning, but these days is practically tepid. Last night, we were all watching the inverted head and shoulders pattern on the /ES. The market had been beaten up badly, so it seemed pretty much a slam-dunk for the /ES to complete this IHS and, at the very least, seal up its price gap (arrow).
