How high do you think SE can go? I got out because it's looking parabolic, but it's also the only thing that's made me any money recently.
I think it's way overbought. I'd hold but diversify. There will be profit taking at some point and if SPY stays flat or negative I'd expect it to occur this week, if tech gets rotated into it might get propped up and stay flat or slightly higher temporarily.
I'd say there's as good a chance it falls back to 105 this week as hits 110. If you look at the intra-day chart on SE I personally think you can see how the algos knock it around and then lift it back up. Buying some weekly calls on SE during an intra-day low seems like free money. But we all know that is the pattern until it's not.
This is the most interesting week on the markets since the crash IMO. We basically stayed flat last week despite a ton of news that suggests re-opening is going to be harder than assumed. As I type futures are basically flat, or have slightly made up the huge AH selloff from Friday. I think we open green tmr and that will be a great time to buy some puts on sale. Open up +.75% or so and then fade to red by the end of the day. Similar to Friday. Only question is when is the next 3% drop coming. I'd hazard a guess it comes before the next +2% day.
And FWIW I currently am 100% cash. Going to wait this week out most likely and wade in after the start of July.