I added 50 spy puts April-129 at 1.90 I think this market is behaving like march 2000. No fear. Oil was up and still market was up. Something need to crack.
I agree with you we are headed back down by end of the year and it will be fast.
You are beginning to sound like Prechter and he's rarely right and when he is he's off by a few years or more. Benner Cycle is up until 2010. I don't take that to mean buy and hold necessarily as I believe the 4 and 8 year cycles will give us a significant low this year. Earnings are good, many company's have been shed post 2000 bubble and new technologies are emerging in telecommunications and energy and medicine.
I just don't see that type of scenario playing out without some type of extreme external shock.