Invest in America and Buy Puts Before the Fed Meeting

A Put Signal Flashing Green, Killing the Productive Sparrows, and Why I'm Long OVV in the Permian Basin...

Friday, June 9, 2023

Dear Old Friend,

Wake up!

We’re in overbought territory. As we stare at the possibility of S&P 4,400, you should ask yourself if this feels like the beginning of the new Bull market…

Because that’s what the chart told us this morning (Thank you, GRIT…)

What should we make of this market?

Who Wants to Be Long Here?

There comes the point where one must ask if the engine is running out of steam… and if all this showery rhetoric is designed to get people to chase these markets higher… The rhetoric reminds me of the “worst is over” chatter we saw in April 2022 and August 2022. It wasn’t over.

And a new chart from Mr. Bern5K (a subscriber) shows that it might be time to start thinking about going short in the market.