For the first time since we bottomed in 2009, I am hearing cries of S&P to 1500, 1550 and new all time highs from MANY people. Those willing to short this move are few and far between.
The index and equity call option activity is through the roof today, more than the elevated levels yesterday. Brian Kelly on Fast Money was bearish at the bottom last week Tuesday, near 1400, now he's rip roaring bullish at current levels. If this isn't enthusiasm, then I don't know what is.
Back to my blueprint for a top that I posted in August, I can check off two more items: 1) bullish sentiment, enthusiasm, and new highs 2) A shot of good news UNLIMITED QE. There is one item left: increase in volatility as market goes nowhere. This should happen in the coming weeks.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment