...at least in the short-term... The market just does not give up here. Technically speaking, the SP500 clearly broke free from any resistance holding it back. The Great Wall at 950 is no more.
As far as being extremely overbought... the market players do not care. They just keep bidding the thing up.
Luckily for the GOOG options I got into yesterday, or I would have missed this move w/my protection. (So I can not complain... and yes I did sell some stuff today... how can you not?)
Due to the upside from my trades, I kept the protection, but repositioned it via the 98 Sept Puts on the SPY (from 95).
This is the 11-12 days in a row the market has gone up, and breached resistance w/a very overbought condition. Discipline dictates protection.
Who ever said 'buy and hold' is dead is an IDIOT. Moves like these prove them wrong, and prove Buffett right over-and-over again. (I don't care are how good of a trader I am, I will never bash the most humblest of greatness.)