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This is such a great quote: “The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.” G. Soros.

Did you realize that the broader indices are up 10% across the board in just the last twenty trading days? I still think we head higher into year end, but maybe a short-term pause or sell-off is due? Just thinking out loud.

I’m going to make a trade here today — adding a second small tranche of IBB puts, dated out to about January with strikes around $300. My IBB puts will still a very small position and remember that this is partly just a hedge for our broader net long portfolio.