OK, here goes:
There remains strong buying in front of the quarter-end. There is still the question of letting October’s hedges burn to the ground, just like September’s. Plus, everyone now knows that the election will sweep in the Repubs and fiscal austerity.
The time to take profits, sell & short will be just after the October option expiration and before the election.
When everyone is excited about the market’s fall rally, the election and the seasonally strong Holiday time of the year, we will get wacked.
There. It’s on paper…Now tell me why I’ll be wrong…
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You are rarely wrong but 3 weeks is a long time and some random event could fuck things up.
That said I am positioned with you here.
Scott,
You have been persistently correct through this entire run. The trend is your friend, and you have been dead nuts on. Therefore it does not beg the question why you would be wrong, but how you forsaw this and the end run which will probably be bx 1171-1205 on the S & P (allowing a little overshoot).
Damn nice job sir.
It’s nice to know I’m not the only one how’s long in his account (though I’m sure my reasoning isn’t nearly as well thought out and planned as Scott’s! )
Reason? we don’t need to stinking reason!
Just be careful out there, it’s getting trecherous…