Another day, another lifetime high. As we head into a phalanx of economic and political storms in the months ahead, the market continues to shrug its shoulders and roar higher, unencumbered by the least bit of fear. The Daily Swoosh is still with us, like a morning newspaper reliably delivered to the driveway.
On a daily scale, you can see how, over the past year, the /ES futures have done almost nothing but plow higher. There have been weeks here and there during which a few folks took profits, sure, but on the whole, what seemed to be a market about to break down one year ago has become the polar opposite.
This is aided by earnings from Taiwan Semiconductor (TSM) which has strapped on its rocket boosters and will open at its own lifetime high.
The odd man out is the market which, only last Monday, seemed absolutely unstoppble: China. In just eight trading days, we’ve seen about 25% of this market cut away.
My PDD puts, acquired only last week (and, as always, conservative critters not expiring until next year) have doubled in price, so that’s a bit of salve in this bull-fest.
As I enter the new trading day, I am loaded to the teeth with puts, and there don’t look like any nasty surprises in any of these 15 positions. Good luck out there in the jungle!
