I think a trading range is a best case scenario at this point. The bulls seem to have run out of steam. The only thing that makes me hesitant is the fact that so many people agree. Analysts on the whole seem to range from neutral to bearish. While there are a few out there who are rah-rah-ing the bull market claims, they really seem marginalized. I’m never comfortable when the consensus is agreeing with me.
I’ve been liking covered calls and I’m liking them even more now. At best we’ll continue with a bull rally I don’t believe in and very possibly worse. If I left my positions uncovered I probably wouldn’t have the conviction not to take profits anyway, so I might as well get paid for putting in my limit order.
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