SPX at 1517. The only update I will give is a first estimate of when it makes sense to start selling in to this rally. Until then, just ride the rally and sell option vol on any uptick in vol. That the equity market will continue its grind higher is the high conviction low risk trade, what will be more interesting is to see if metals will disconnect from the equity market in this rotation phase. There will be more money to be made in that space than the equity space if that is the case.
The first estimate of when to start selling is mid march. That is when according to my analysis of sentiment, fundamentals and other technicals, we will have a first window opportunity of taking advantage of a potentially neutralized bearish sentiment which can give way for some real profit taking. Until then, stay long.
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