As I limp out of this week, one of my favorite positions continues to be Bank of Nova Scotia (BNS). Its chart is below, as are two other Canadian financial institutions which seem intriguing (long-term) on the short side.

Well, after weeks of waiting, I’m glad to see that Bank of Nova Scotia (BNS), one of my long put positions, is kicking into gear. My puts are up 21%, and they don’t expire until next year, so I’m hanging on to these suckers. Intrinsic value is now 97%.

I did well with Ally Financial (ALLY) last year, but I had stopped messing with it since it had been beaten down so severely. After today’s massive pop, I’m ready to get in again. I’ve acquired January 2024 (yep, 2024) puts on this sucker.

Well, ain’t that just typical?

Yesterday, we seem to have reached some kind of psychological breaking point. Bears were throwing in the towel left and right. Some of the most stalwart bears here on Slope were publicly expressing chagrin at their steadfast positioning. And multiple people cited some old man I’ve never heard of who was declaring that the Whaley Thrusting Humping Pattern or some-such thing had signaled a New Bull Market, and the signal had never failed.

Uh-huh. Just like the ZH post two days ago that presented (to its premium members) that the CPI would be a huge negative miss, and its predictive basis hadn’t failed for the past ten instances. (Spoiler alert: it failed). I don’t know anything about the Whaley Thrusting Humping indicator, or whatever it is people have embraced, but the idea that this is a new bull market is utterly risible, yet easy to accept, since it is human nature to be a permabull instead of a freak of nature like your humble host.