This move is still due to the largest stocks, especially the NQ8 sector.
The $SPX is still well above its fair value, but as far as money continues moving in equities, prices will be pushed up.
It is similar to the NVDA or TSLA situations: I read comments stating that they are overvalued on a P/E ratio base, but still they are attracting good money and will probably move higher from here.
The Cumulative Tick turned positive yesterday, and
so seems to be doing the Mcclellan indicator, which is good at picking up trend changes. This could still be a false bounce though.
Conclusions:
Still selling protective calls on my long positions whenever they jump higher. This strategy has worked well in the recent past, but of course some stocks are called out which lower my market exposure over time.
Below are a few trade ideas. BGNE is interesting on the long side, while GCO looks weak here.
