The current bull market is taking on the appearance of the late 1990s tech rally and some say it has the potential to go even higher. The technology bubble saw gains concentrated in computer shares while this market is seeing widespread gains across many different kinds of companies.
“At this point, what the markets should be doing is debatable,” Brad McMillan, chief executive officer at Commonwealth Financial Network in San Diego.? “Right now there’s a clear upward trend.”
Options traders are seeking protection against losses after the S&P 500 climbed about 8 percent this year and has gone without posting a decline of 10 percent since 2011.
About 2.2 bearish puts were owned for every call betting on gains in the benchmark equity gauge, near the highest ratio since October 2008, data compiled by Bloomberg show. Puts wagering on a slide to 1,950 by Sept. 20 had the biggest open interest.
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