Are We There Yet

Everybody thinks they want a pullback until we actually get one. The market will not be maximum oversold in the short term until July 3. That is the potential for the length of this decline. I don't believe the decline will last that long but even if it does its unlikely to be straight down. Usually there is a move down like we are seeing followed by a bounce, followed by another move down.

I am short SPY puts that expire tomorrow. If the market does not bounce tomorrow this will remove a small portion of my hedges. This is consistent with my view that the market will make a higher high once this short term decline is over. Have a good night.

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