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So let’s just all take a deep breath and recognize one simple truth: for months now, the /ES has been engaged in a steady series of lower lows and lower highs. Until this is violated, I remain short, Cathie Wood and Tom Lee be damned. To be clear, I think this market sucks infected donkey, thus I have 30% cash, but my remaining 12 positions are in the green, and I shall defend them vigorously.
We can add General Motors (GM) to the long, long, long list of put positions I wish I had just kept. American cars have been lousy since the mid-1950s, and the fact that GM was a super-hot stock a year or so ago is a hysterical joke. In any event, this thing is falling to piece, and I wouldn’t be surprised to see lifetime lows in the next year and, ultimately, bankruptcy. Honest!
This short position continues to do well, and I think there’s plenty more downside.
I want to take a moment to doff my hat at NextEra Energy (NEE), which is my bearish utility play. My March 15 $65 puts on this are up 42% at the moment, and as Powell might say, I’m not even thinking about thinking about selling them.
Whoa! I guess being a lame-ass version of Tesla, whose only benefit is for virtue-signalers who wanted an electric car that had nothing to do with Elon, wasn’t such a great business model after all. If you want an Oreo cookie, get an Oreo. Not a Hydrox.
