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From our “Try Not to Overthink Things” department, I offer you the following.
Yesterday, based upon the enormous and well-formed topping pattern in UPS, I decided to buy October $150 puts. I then noticed yesterday that UPS reported earnings this morning (if you need some help with the relationship between yesterday and today, I direct you to Ms. Harris), and that made me a little nervous, so I trimmed back my position a bit out of nothing but cowardice.
Good morning, folks. I had to check my calendar to figure it out, but it’s been a shade over nine years since we’ve woken up to any red quotes on the screen. Yet there it is, on the heels of the 137th lifetime high in human history – – we’re actually getting some selling.
Good morning, everyone. The PPI just came out, and it was twice as high as expected. So, umm, let’s review. Yesterday the CPI was expected to be 0.2% and it came in at 0.1%, a mere 0.1% difference, and the market exploded higher with the force of a Saturn V rocket. Today the PPI comes out at 0.4%, a full 0.2% (double) the expected, and as I am typing this, the market is down 0.04% on the /ES. Sigh.
Bubba the Big-Balled Bull had me bent over my bunk in this morning’s prison cell, but one thing helped make ameliorate the agony: United Airlines (UAL), my biggest short position. This is playing out absolutely beautifully, thanks to weak earnings from Delta. United reports next week, by the way.
