long: You could naturally assume that I was respecting you by asking for your opinions, and just having a little fun with you. I hope that's all right. I also don't think you were being "cute" by playing the QQQs for a fall today, as a bonafide double top at key resistance, with a trendline and moving average break, was printed yesterday, on miserable breadth and volume, seemingly topping out what has been a very anemic rally over the past two weeks. What we perhaps failed to take into account was the volatility that we should have known would be associated with an FOMC announcement this afternoon. I, for one, see an even stronger case for the puts tomorrow.
However, my questions were intended to be more general, i.e. - how do you usually choose your strikes? Do you usually select the ATM strike, or an even number that tends to have better liquidity, or use some other criteria to select your puts? I am very curious, because I have not been able to find much information on options day-trading strategies, and have been feeling my way by modeling different scenarios using a standard Black-Scholes pricing model. Thanks.
The Phoenix
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