Bobby, I closed my QQQ Aug. 42 puts this morning (on open, if you can believe it) since I was away from the market from way before dawn until just now. I made a little, but not anywhere near what was available just a bit after I sold <G>.
What made me sell? Mainly the VXN and the oversold technical readings I was seeing. Furthermore, I did not believe a drop would be sustained with the low VXN and VIX readings we've been getting. Max Pain also figured into the equation.
I was thinking about telling my pop to close his USPIX, but the upside potential seemed minimal, and you almost always get screwed because you get the EOD price when you sell and buy. That could cut half the profits on a short term move, although you'll do well I'm sure.
I'm looking at getting some QQQ Aug 41 calls for next week, depending on how things unfolded today when I look closer.
When I was looking at this drop last weekend, I believed we'd bottom on today or Monday, and I also thought we needed at least one green day during the week (Thursday was my choice after Monday's action). The NDX seemed to act accordingly, and the COMPX nearly followed. I postulated we'd have a morning low this coming Monday, but it seems we got it today, but we didn't go green. Oh well.
I thought we'd bounce off 1560 NDX, but we went at 1576.
After all of this, I ended up leaving about 35% more on the table because I was away today. That sucks.
I'll get 'em next time <G> |
