Yeah, thought it pretty stupid as well. But people will suddenly come to their senses and realize "Oh shit, we've rallied hard 150 points! I better take money off the table." We'll see how it goes. If I don't see much retracement tonight, I just might bail out.
Up, for the moment, is least resistance. I missed good chunk of the move yesterday thinking, can it really go much higher (?) which of course it did. Overbought can and will get further overbought the more others think it can't.
Surprised a somewhat muted reaction to latest PCE Core reading which was less than expected or what one would think more bullish news after Powell's dovish words yesterday.
folks already took bonus home. I saw an article on Bloomberg that a trader bought $30m 4175 Dec ES call yesterday morning, lot of P&L for one day. https://www.bloomberg.com/news/arti...-million-options-bet-on-a-yearend-stock-rally I am following Wang, another kung fu guy who got lot of tips.