$SPY 20251114 666.0 PUT$ Lately, the market’s been giving me the same energy as a bubble that’s still forming — not the kind that’s wildly inflated and ready to explode like the dot-com era, but the kind where someone with itchy fingers keeps poking at it, trying to force a premature pop.

This recent pullback should’ve been your typical 5% correction. SPY did dip intraday to that level, but it clawed back before last Friday’s close, meaning the market never actually closed beyond a 5% drawdown. Of course, this pullback might not be done; price action still needs time to settle.

What I’m trying to say is:

If the market suddenly flushed into a deeper downturn or even slipped into a full bear phase right now, it would feel less like a natural bubble popping and more like someone deliberately jabbing at it. And that “someone,” at least sentiment-wise, feels like Michael Burry — the guy who became famous for shorting the U.S. housing market during the Global Financial Crisis (2007–2008). Even then, he was right, but he was also early by almost two years.

Yes, AI does look a little overhyped at the moment. But I don’t think we’re at the bursting-bubble stage. Not yet. That would come only when companies start reporting earnings that show they’re spending more on AI than they’re actually making from it.

So for now, I’m continuing to wheel SPY using 0DTE. I’m just being more cautious with strike placement each day — similar to how my recent CSP expired worthless by staying safely out of the money.