When the market was cheaper a few weeks ago, I wanted my beta (volatility factor) higher than the market.

I sold more puts and added more exposure.
Now the market is less compelling, so I have to do the opposite.
I trimmed a little this past week & may continue to do more.
The totality of the data dictates how I allocate, not BS short term headlines or emotions.
The framework I want everyone to internalize is the hierarchy of bullishness.
Shares are mid-bullish.
Selling puts is super bullish.
Buying calls is max bullish 10 out of 10
This is also the order of difficulty of making money.
Calls are the hardest
Sold puts are easier
Shares are the easiest.
So why would you have max difficulty in your portfolio when the setup isn't max compelling? You wouldn't.
Everybody can make money in a bull market.
The question is who's still standing when it turns.