Weekly Wiretap Pick Of The Week QQQ

Trade didn’t work out -100%

(can’t win them all!)

My Trade Plan Details:

• QQQ August 8 $561 Puts around $6
• Stop: QQQ closes above $563
• Target 1: $555
  
• Target 2: $553
• Target 3: $551
  

My Reasoning:

Chart wise, like the SPY, the QQQ’s have fallen below their 20 SMA for the first time in a long time. I could see this as possible resistance now at $560 area, so being a little patient on this trade might be a good idea. Meaning I’ll look for a small run up early, then possible fade mid day / late day. There is a gap to $564 also on the QQQ’s so if the run is super strong this morning, that would be something to watch out for. I’ll watch for a possible drop back to the $553 area today to close the gap back down. I just think it’s going to be a little rough for a few days before we get back to being bullish again.