Its more of the same story really. The RUT was up nearly 2% again today. We have an extremely bullish market with most indexes (not NDX though) making new highs. The RSI lines are climbing for all the indexes, even though most are in extreme overbought territory.
Strangely, volatility is rising and SKEW is falling - now down to 119! This could mean that everyone is buying out of the money calls thereby increasing volatility. At least, that is what it looks like to me.
Next week's option's expiration week is historically the most bullish options expiration week of the year. After that, the RUT goes into the most bullish time of the year! How can we get any more bullish???
I am trying to reach for selling some way out of the money premium on the NDX but today I could not get filled.
I wait for any signs the market may halt its endless roar upwards, because a responsible person does not sell put premium at these levels. It may take some time for the market to actually start trading sideways....
