The market continues to rip higher.
Is the buying irrational? Is this upside move over extended? My answer is, it doesn’t matter. Who cares. The only thing that matters is the market is moving higher.
The path of least resistance remains to the upside. What’s the point of questionsing it? What’s the point of fighting it?
Until this melt up shows signs of weakening, I’ll stay long. Sure, I may place a few bearish options bets here and there, or add some hedges from time to time, but the large majority of my capital is long. I’ve lightened up a little in the past week and a half as a result of trepidation, but I have half the mind to put that money back to work on the long side.
Point it, swim with the current…not against it.
Note: I beefed up my cash position on a “gut feeling.“ Although I have half the mind to put the money back to work on the long side, I likely will not.
