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As I sit in my backyard this evening, the /NQ is exploding higher by hundreds of points to lifetime highs.
 

It makes sense. MSFT is exploding higher. So is META. So is EBAY. As high as tech stocks are, their earnings reports were jaw-droppingly good, and folks are falling all over themselves to buy even at these elevated levels.

What also makes sense is that lifetime highs beget lifetime highs. The psychology driving it is that everyone’s a winner. There’s zero overhead supply. There’s no resistance. No price gaps to fill. It’s just clear open blue sky, and it’ll keep going up until it stops.

Saddled with 27 short positions, how am I feeling about this? Not bad in the least! The kinds of stuff I choose tend to have all of the stuff I just mentioned. A notable exception is a modestly-sized QQQ position which, I confess, was kind of a stupid trade predicated on nothing more than, gee whiz, maybe META and/or MSFT will surprise to the downside. I’ll get stopped out of that at a loss “toot sweet” first thing Thursday morning.

Otherwise, though, I think I’m in good shape. My spidey sense is that AAPL and/or AMZN are going to surprise to the downside tomorrow, as counterintuitive as that counts. I’m not going to touch AMZN, but I am short AAPL already and intend to remain so.

In any case, I look forward to seeing you before the new trading day opens, and we’ll just take it as it comes!

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