Bully

We're not perma-bulls by any stretch.

Yet, despite the headwinds (and you can add a very bad housing number to the list in yesterday afternoon's post)  there is a reason we are staying at 100% invested.  The put/call ratio is high.

Yes, that means options traders are pessimistic.  How is that bullish?  Well, what you need to know is that they are a contrary indicator.  Or, you might like it better if we just said it's a fear indicator.  Fear spiking in the market can actually mean the next move is up.  That mitigates against a heavy sell-off and a move to correction.

90 minutes before Friday's open and the futures are flat but off of lows earlier. We'll watch closely.  The danger of DBank, under attack from the US DOJ, is real. But we individual investors can turn in a second.

Always vigilant but never scared.