Mark Hulbert writing for Marketwatch (article) says his newsletter sentiment indicator is bullish. Despite the rally, newsletter writers are actually becoming more and more cautious. I confess, that my gut feeling is also in this camp, that I think the rally is overdone and more downside is imminent. I looked at quite a few puts (bearish bets hoping for a decline) today.
I hate to buy into runaway strength. However, right now, that would seem a better play than buying puts. I often write that calling top is a losing game, and at this time that would be exactly what buying puts would be, a bet that I can call the top.
Good thing the weekend is here. Enjoy the long summer days.
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