Oh what to do? The market is way overbought, but price action keeps moving on up. Markets still making new highs and also 52-week new highs…except for the Naz, the index made a new high Friday but did not make new highs in the 52-week new highs….a slight divergence maybe?
I’m still sitting in mostly cash, but have now split my longs/shorts at 20%/30%. My longs are DRYS ZANE TBT. My shorts are via TZA, IWM puts and QQQQ puts.
Futures this evening are already frisky to the upside….just reflecting tha happy openings in Asia. The melt-up continues. Be long or be wrong! But be careful.
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
