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Do we have another Friday morning on our hands? Just like then, the market has climbed all night long, providing hope to the bulls that this brutal bear market (AKA a few weeks of modest slippage versus lifetime highs every single day) is over at long last.
I have roundly castigated myself for taking the bait with this morning’s enormous counter-trend rally. I denied myself profits and prematurely exited positions based on nothing except fear (or, if we’re being very kind, risk-aversion). In fairness to me, this morning’s rally was the BIGGEST by far since Tuesday’s peak, but all the same, the nearly 300% gain I see in those SPY options I dumped kind of stings.
I am very pleased to report that on a day in which pretty much nothing happened, I made a good profit. By “nothing”, I need only refer to the futures today in which we had this thrilling action:
Be still my heart! So, what’s with all this World War III talk, eh?
(more…)What an amazing week, and it’s not even over! What’s not at all amazing is NVDA, what used to be the hottest stock on the planet. These days, it’s about as exciting as a passbook savings account. What a boring piece of crap! Maybe we should just all sell options against this oil painting.
