What a day this have been so far. In a matter of 15 days, the $SPY just putted some ear plugs and sky rocked a few cents from the 52 week high 142.21. My question is how much higher can it get until a decent pull-back, if we ever get one?
The word detachment is the only one that comes to my mind. I have seen strength in other markets, but what we are seeing today is just insane. I must confess that I have been waiting for a pull-back that probably will not come any time soon. Let me also remind you all that tomorrow is options expiration, so getting long here is just as crazy as going short. I am happy that I sat on my hands today. I like when markets go up, but when it is something like we are seeing today it is just not easy to control, so I rather pass a good opportunity, rather than making myself feel sorry for the mistake.
If you played these past 15 days long, I applaud your intuition, and knowledge.
May you all have a good end of your day.
