hey shortie: I told you in my last PM that she was going to head south! I just covered my short calls that I sold on Friday. Juicy returns. Now I am flipping it over. Selling 28 strike puts on QQQQs expiring this Friday. If rally, I will cover. If no rally, the clock should chip them. Selling at 25 cents and higher if they get there. My options analysis tells me that they should close the QQQQs no lower than $28.50 area on expiration.
yes, you were right about the dump overnight. i am practicing my intraday trend prediction abilities. i want to be as good as Big Bill when catching trends. i think we will close lower than spy 80 today. so i will be keeping short bias through the day.
if i were you, i would cover any profits i have, and wait for a shap rally, then sell, or wait for passage of time before re-engaging.
hey shortie: QQQQ are now at $49.18. I just sold to them my 28 puts at $0.26. Fill report should show up soon at $0.26 or higher. That is my first batch. I will leave a second batch in area of $0.45 in case they decide to visit me at that level. I am also watching/trading EUR/USD. It wants to recover, and it has been mimicking the stock market lately. So be careful
Thanks Ivan. At first reading, I thought you were saying that it is negatively correlated, but after more carefully reading what you just wrote I understand that what you are saying is rather a "causality" (lagging) thing: market causes eur/usd to rally (or lags stock market). Do you mind sharing your thinking on this? I think it would be very helpful in inter-market analysis, but if it would take time for you to discuss this, you can leave it for anothet time. Regards PS: Folks: Ivan is really a pro in forex trading. I really mean it. He may not agree with me, but I think that Forex is really harder to trade than the stock market as it can turn "on a dime", and Ivan's trade in the forex section are really worth looking at.
QQQQ just rallied from the 49.18 to 29.43 area. I do not have time to analyse them, but if I were you shortie, it is after such a little bounce that I would start to find a place to move in if you are still bearish. I would also do it by scaling in on way up, as we know that there is a ceiling on the upside in the next 24 hours/this week.