The market just keeps grinding higher — and it’s starting to tick me off.
Since last Monday’s gap and through Friday, we’ve been stuck in this slow, thin-volume melt-up. The S&P 500 (SPY) crept up from a low of $589.30 to nearly pinning $595 into the close.
That’s more than a $5 move — way outside what I expected. And the worst part is, there’s no real resistance up here. We’re now just 3% away from all-time highs, and I hate everything about this.
But I’m not going to just sit here and wait. I’m still placing trades and generating income — I’m just being careful not to chase.
How I’m Staying Active Without Buying Highs
I sold on Friday the SPY $475 out to Dec. 31 for $6.37. That’s in my IRA, where I’m totally fine owning shares if it drops that far. SPY is one of the most liquid ETFs in the world, so I’m sticking with it for now and using boring covered calls on any shares I do own.
It’s not sexy — it’s just consistent.
I also added trades on PayPal (PYPL), and I’m still looking for better setups. We’re close to the highs of the year, and while I’d prefer to see a pullback, I’m not going to miss out on income while I wait.
There’s clearly been a shift in sentiment — from extreme fear to extreme greed — and the put-call ratio confirms it.
This Market Is Nuts — But I’m Still Trading It
The VIX has collapsed more than 70% in just over a month. Buybacks are near record levels. Earnings are coming in better than expected. And yet, it still feels like we’re in the dumbest, most hated rally I’ve seen in my career.
I don’t love it, but I’m trading it.
If we get a pullback and fill the U.S.-China tariff pause gap, I’ll go heavier. But until then, I’ll keep building positions that let me own shares at big discounts or collect premium while I wait.
I’m not going to buy the top — but I’m not going to sit on my hands either.
I’ll see you in the markets.
Chris Pulver
Chris Pulver Trading
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