QQQ Short after Earnings Profit Taking Ensues Tomorrow
Updated
QQQ will likely see a large pullback when the stimulus bill that is priced in does not pass as quickly as expected. It would be a perfect time to open short positions over the weekend...ya I said that, never thought I would say that. I suspect this MM pump on earnings for tech stocks will be a great exit point for those in power/insiders. I expect a healthy 15% pull back, more stimulus approved after the recess, because republicans always play nicer when the market is dropping (and MM wants some more free money, right). At that point I will go long with calls that are dated 1/15/21 and 2022. Strike Price 300-325, as I would suspect we go into a tech crazy bubble in the next year or two.
Not financial advice, but I will likely open some short positions/buy puts dated 8/21 that are at the money or 9/18 out of the money.
Plus take a look at the top of the SP 500 during the dot com bubble...the similarities are stricking
imgur.com/a/4Duzp7b
Not financial advice, but I will likely open some short positions/buy puts dated 8/21 that are at the money or 9/18 out of the money.
Plus take a look at the top of the SP 500 during the dot com bubble...the similarities are stricking
imgur.com/a/4Duzp7b
Note
Held support and is looking like my stop loss could be hit next week. If stimulus does pass we could see another "melt up" type situation and will need to keep a close eye on VIX and potential negative catalystsNote
Stopped out. May reopen position at 275, island tops formed on amazon, apple, and MSFT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.