The market is whipping around like crazy this morning. I’m not sure why, but it matters to me less and less, because I’ve been deliberately reshaping my options portfolio to have increasingly distant expirations. I’ve got a mere 2 January expirations now, and my average DTE across 27 positions is 136 days (nearly 5 months), so I’m not letting the minute by minute oddities bug me.
In the meanwhile, I’d like to suggest that semiconductors are at a possible reversal point (this is SMH):
Here’s the longer-term view, which opposes the widely-believed notion that we are at the cusp of a huge new bull market since every single excess has been wrung out of the system.
