A few days ago, as I mentioned briefly, I did something I haven’t done in years: I bought options. Specifically, I bought puts on the QQQ with an expiration on July 21. My view is that the Nasdaq has gone too far, too far, and is prone to at least one good bout of droopage sometime in the next seven weeks.

An example of this is Amazon. Do you honestly think Amazon’s prospects are over 40% better now than they were merely six months ago? This isn’t a startup, folks. This is already a very richly-valued company, and the appeal of crossing the $1,000 mark only lasts so long.

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