QQQ - Trade UpdateCurrently I am short 200 shares of QQQ as the 480 calls expired worthless last Friday. Though the market is attempting to rally here IMO this is a fake out to get rid of shorts.
So if you took the swing trade the stop is at 490.50 which we are just short of. If you took the position trade, we are still a good ways off of 502.
Let the trade play out is generally the best thing to do. I am personally building a short position up in this market to hedge my portfolio so I do not mind adding to my position here. There are various strategies which all depend on your situation.
If you are a swing trader, well you are close to getting stopped out here. If you want to limit the loss IF we hit the stop, in lieu of closing it out you could sell a Call, slightly ITM for Friday and let that pull you out, or simply just let the stop take you out.
I like selling options against long and short positions, it won't make you rich, but you can nickel and dime a few extra bones here and there.
If you are in the position trade, then nothing to do here but let the market play out.
Now since I am hedging against my portfolio, I am looking to sell another Call to add to my short position. Again I am hedging my portfolio and building a short position.
Simply too much uncertainty geo-politically after that debacle of a debate. So I want to be hedged short and simple.
There is also a potential UVXY trade I am looking at for the weekend, and I will post on that if and when I add a trade.
Have a blessed Fourth for my American friends, and the rest of you enjoy the week.
