Tuesday, September 21, 2010

QQQQ trade

Sitting here watching the days action and when the SPX stopped short and sold off a bit at another technical level I decided to get short. I already had on a small SPY 115/116 short call spread, so looking at the QQQQ chart it looks like nothing but white bars and the incline is very steep, just don't think it can last. So I chose the 50/48 put spread to buy since it would have to almost break a new 52-week high for me to lose. I just don't think we're ready to break a new high on top of the action the last few weeks. If I'm wrong I lose. I paid .96 for something that was intrinsically worth a little more than that at time of purchase. So I'm comfortable. I used quarterlys so I've got until Thursday of next week. Also, I am going to post my SEP OPEX plays tonight.

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