Seasonality Vs Exuberance

We have seen only a modest gain over the past two days even though seasonality was very strong. The market had a difficult time making much progress as it was extended coming into this period. By late next week seasonality will turn positive again but for the next few days its neutral. I was hoping for strength today in order to tighten up my hedges but we did not get it. I am targeting options expiration as a point in time where I want to be fully hedged. Have a good night.

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