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Ya know, after the previous six months, I wouldn’t anticipate something lower than this greeting me on this, the final buying and selling day of Q2 2023:
Yep, it’s a feast for the bulls. Identical to yesterday. And the day earlier than. And the previous month. And the previous six months. Not a downtick in sight. Regardless of all significant proof on the contrary, the market appears devoted to at least one issues and one factor solely: going up day by day prefer it’s the 12 months 2021 over again.
Final week’s little post-Juneteenth dip was clearly an anomaly. On the weekly chart, you possibly can see the hasn’t had a significant drop since early March, 4 lengthy, lengthy months in the past.
The tech shares, after all, put the plain previous to disgrace. Only a handful of adverse punctuation marks in a panorama otherwises dotted by the letters, B, U, L, and L.
The true capper is that Apple (NASDAQ:), the identical firm that was teetering on going out of enterprise within the late Nineties, is, for the primary time in United States historical past, cross this valuation:
With all this, I elevate a hearty, hyperextended center finger to each the quarter and all the first half of the 12 months as a complete. It might be worse, I notice. Maybe I might be lacking each of my legs, or perhaps a tongue might be mysteriously rising out of the highest of my head, but neither of this stuff is occurring. So, hat tip to heavenly father for not cursing me with these maladies. All the identical, massive man, it will be good to see a selloff someday in our pure lives that lasts greater than twelve minutes.
As I limp into Q3, I’ve 15 lengthy positions on put choices whose expiration is a full 203 days away (January 19, 2024). C’mon, fellas. I’m relying on each certainly one of you!
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