Extremely extended markets.
Many are hoping for FED RATE CUT IN SEPTEMBER but bearish seasonality will most likely send markets down before that cut.
The ever ending bull market which is actually not and this is when I start to feel bad for the people that get in here hoping to make a little money in the market. In my view the market is setting itself up for a big top this year that may not be seen for quite some time or at the least until we see a bigger correction in the end, it is not a healthy market move once again. With +17% gains, market extremely overbought, even put/call ratios at the most extremes in decades, calls way overpriced and bond yields still high at 4.28% why wouldn't it just make sense to take some profits and get your final +5% in t-bills till the end of the year lol!! Adding to shorts this morning only because we have been up so many days going into all the trade data and earnings that I think won't be as good as people think in the end. Average ES short 5578, 20379 now, I'll smooth them out later on...
Biggest problem is its so obvious and all we really need is volatility to keep the rally going. It's when it stops we are primed for a bigger fall and it comes down to the last man standing!! That's where we are now sadly. No matter what anyone says, the market never goes up forever and never goes down forever, that's why this site is called "Traders Talk" not Bulls talk lol!! I've hedged some longs along the way also but at this point I'm getting nervous to do that!!
