
Not In This Market

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For over four years, the VIX has engaged in a series of lower highs. No matter what happened, every single peak on the VIX was lower than the last. I am delighted to report that, after 52 months of waiting, this cursed prison has been escaped. Friday broke it.

I know, I know. I’m a coward. All the same, I took profits on XHB, NVDA, and ARM, and I lightened up a bit on a few others. First off, NVDA was getting awfully close to what I considered major support.

Given the extraordinary strength of the market this morning, I was bracing myself for catastrophe, led in particular by the news that Vistra (VST), on which I was long put options, was the most “up” stock in the entire market thanks to the regulators giving them a multi-decade blessing to run nuclear power plants.
