The market has been making lifetime highs pretty much every day since mid-April, which makes it a bit of a challenge to write about. It’s sort of like being a weatherman in a place where it’s always clear and 72 degrees. We can see a more-or-less saucer pattern completing in every time scale imaginable, whether minute bars……..
…….five-minute bars……..
………..hour bars……
………daily………
………..or weekly, illustrating a ceaseless ascent into never-before-witnessed levels of over-valuation.
Freakishly, my portfolio, bless it, is hanging in there day to day, either making progress or, at worst, holding its ground. The silver lining for this insane market for the bears is that premium is virtually free, and puts are in the discount bin. I am absolutely loaded to the teeth with September puts.
As we all await the inevitable, I offer to you one of history’s most rousing speeches, which I listen to pretty much every morning in the midst of my pre-dawn dog walk. We few. We happy few.
