A mellow morning to precede the complete mayhem of the FOMC, Meta (META), and Microsoft (MSFT). I am typing this just after the opening bell, and we’re down slightly after meandering aimlessly on the /ES for days.
The bigger picture is still intact: let’s complete this top, shall we? Please?
On the whole, my shorts/puts are going great. CAT, as one example, is falling nearly $30 this morning, as the ridiculous notion that a maker of tractors for yokels is somehow the king of AI.
Yet the entire world is whistling past the graveyard. The VIX is at Epstein levels, and I am simultaneously gobbling up January SPY puts to take advantage of what is bound to be a meaningful swoon between now and the new year.
As for semiconductors, which I’ve been touting as a short before the entire universe joined me in doing so, there’s PLENTY downside left.
God bless the bears. Amen.
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