Trade Ideas
UOA PRO New Trade Idea QQQ 7-28
43,878 07August 660 puts bought for 7.88 above open interest of 28,496 contracts; 43,878 07August 645 puts sold for 12,317 contracts. Rolled from a 21,939 contract put spread in the 07August 690//645 strikes. Stock 672.79.
New Trade Idea
Ticker: QQQ
Stock: 672.79
Trigger: 667.88
Targets/Resistance: 664.23, 657.55, 648.85, 644.33, 643.89
Expiration Date: 07AUG
UOA: 43,878 07August 660 puts bought for 7.88 above open interest of 28,496 contracts; 43,878 07August 645 puts sold for 12,317 contracts. Rolled from a 21,939 contract put spread in the 07August 690//645 strikes. Stock 672.79.
QQQ $676.89 Last.
VERY large week out OTM put spread trades. Qs are flirting with 100 SMA presently and should it lose that, it would seem that there’s room to drop towards the 150/200 SMAs even further below. Yet again “news” was used to ignite a squeeze off the lows and that squeeze could be lasting but want to prep should there be more selling. Qs charts are getting more concerning and while the very long term trend is still up, the other trends have clearly faltered. EPS Releases etc. could continue to cause volatility but the $DXY is not backing off nor is the USD/JPY and those could also cause bumpiness as well.
Trigger: $667.88, today’s current low.
Strategy 1: Consider the QQQ 07Aug. 667.00-645.00 put spread for $6.80 projected at trigger level today. Uncappable.
Targets: 664.23, 657.55, 648.85, 644.33, 643.89 (200 SMA currently)