Force Fed Rally

The Fed has put the fund managers into a corner and baited them into getting long risk assets at overvalued levels.  It is now a game of musical chairs and traders are going all in on the risk trade. The put call ratios are at very very low levels, something you see perhaps once every six months, last time I recall seeing such lopsided levels was in the middle of April when we were around 1210.  That was pretty much the top of the move.  Staying short here and will keep this one for a while.