Until about twenty-seven hours ago, I couldn’t get enough of this market. As it is now – – yuck! My only salvation is my 40% cash position and the fact my options are all 2025/2026 expirations.
This week has had three rallies. The first (red arrow) I completely expected and was prepared for. The second, is blue, was the Jensen Huang rally, was a shocker and completely wiped out the relief from the CPI release. The third, in magenta, is what we’ve seen just over the past couple of hours. The market is back into “ramp and camp” mode, and I am not a fan.
