Still for me a difficult period to find much opportunity. I think the pool is pretty full, but that is more a cautionary note than a bearish one. Not looking to pick the top by selling short, but definitely not looking to pick the top by capitulating and going long either. I did take a short in Nike at 79 as it is not in any kind of bull trend. Well at least it is a position that slightly favors a bearish move in NKE. I am long FEB 75 puts and short DEC 20 75 puts. The price spread is quite favorable ($1.25), largely due to NKE earnings on Dec 19. Post earnings though I expect a chance to sell another put against the FEB and drastically reduce my exposure. What I don’t want is a dramatic double digit % move after earnings. Barring that the outcome should be favorable. 

More stocks were down than up on Monday for the 6th straight day, even though averages are sideways over this period. We haven’t had more than a 6 day decline in the advance decline line in six years! If it is negative on Tuesday, I think that is bearish into year end and early 2025. 

Thanks,

Joe