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We are only 90 minutes into the trading day, and what a breath of fresh air it has been. Best day I’ve had in literally weeks. We can see here how the /ES reached escape velocity over its lifetime resistance line and then failed.
Well, I scurried out of my QQQ 0DTE puts early this morning at a profit. It just ain’t me, guys. I’m not cut out for the 0DTE world. Maybe I’m too old. The fuddy-duddy, doesn’t-expire-for-months is more my scene. Having said that, I’ve just acquired four more put positions with expiration days at least 84 days from now:
It isn’t often that my ideas nail an exact top or bottom, but this is an exception: on December 14 of last year, I did a Premium post cleverly titled Utilities, Utilities, Utilities, and at the time I wrote quite plainly, “My view is that this sucker is about to roll over in a massive way.” Let’s see how that worked out:
On Sunday, the Federal Reserve panicked (again) and began their latest scheme (again) to desperately prop up the laughably overvalued stock market (again). I tweeted the following as the /ES was up about 30 points and all assets were exploding higher:
