Gap and go (and go and go and go)

For the 1st time in its history, the most important ETF in the world has gapped higher for the 4th straight day, and added to its opening gains each time. There have been a handful of times when SPY has gone 3 in a row before, and we'll have some data on that tomorrow. At the same time, traders are buying far out-of-the-money put options as a "cheap" hedge. This has preceded some very short-term weakness in the past, but nothing much beyond a couple of weeks.