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The bulls have owned this market for almost a solid year. Well, let’s be honest: they’ve owned it since March 9, 2009. It’s jaw-dropping when you think that in 2009 that S&P 500 was about ONE-TENTH the value it is today. Honestly. In any case, the trio of exponential moving averages for the past year has been gently slipping higher, without even the remote threat of a bearish crossover ever taking place.
In addition to the eight “survivors” I mentioned in an earlier post, here, in a different account, are five live short positions. At this point, a full 40% of the account is in cash, as the mayhem that commenced on September 11th (fittingly………) has completely rattled me.
Ever since the Covid bailout half a decade ago, the market hasn’t been allowed to experience even the most modest selloff. There was a time when there would be a period of rising prices, about 18 months of weakness to digest the gains and shake out the weak hands, and then a resumption of a new bull market. That isn’t the case anymore. It just goes up. All the time.
After a very rough week, here are the positions that survived the onslaught in my main account. These are all long put positions expiring no sooner than January 17, 2025.
