Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
You can hate on it. You can yell at it. You can bloody well say or do whatever you want about it. I’d prefer to stay long of it for as long as the #Quad3 Cycle Bell rings.
Alternatively, you can call for it to correct 10-15%, and eventually be right… especially if it keeps going higher, ha!
And on that implied “fear of a correction” and/or implied delta-hedging in the Iron QQQ’s:
A) Last night’s implied volatility on QQQ’s shot up to +72% PREMIUM vs. 30-day realized
Never mind 1-week ago. Imagine that 1-month ago, you grossed up long QQQ or AAPL? How about Netflix (NFLX)? Hoo-wah! What a ride that sucker has been on alongside the likes of Facebook (FB), Google (GOOGL), Tesla (TSLA), etc.