The DOW has been up as people move from high P/E growth stocks to reopening plays and cyclical stocks which have a positive cash flow (post profits, pay dividends). Also a lot of the COVID stay at home stocks were listed on the nasdaq and people are moving away from that. It's tricky buying puts. I do well selling puts and then selling covered calls (search 'stocks the wheel' on JewTube if you're not familiar'. I bought the dip hard last March, so it has been my best market year ever. But generally it is very hard to time the market. Right now I'm staying 30 to 40% cash, because I don't trust this market one bit right now.