The market action seems to be working nicely at forming a near term bottom. It looks like the $43.25 number on the Q's is a magic number for near term support today. We are also trading in an triangle pattern that can break out nicely to the upside. Two of my short term indicators also went positive (MACD and Stochastic.)
The FOMC minutes are also coming out right now as I type and the market is digesting the numbers. It looks like now is a good entry point so I just went long with some calls on the Q's.
I bought 20 contracts of March 44 QQQQ calls (QQQCR) at a price of $1.28. My stop for this trade will be $1.15. I expect to be out of this trade by Friday.
The FOMC minutes are also coming out right now as I type and the market is digesting the numbers. It looks like now is a good entry point so I just went long with some calls on the Q's.
I bought 20 contracts of March 44 QQQQ calls (QQQCR) at a price of $1.28. My stop for this trade will be $1.15. I expect to be out of this trade by Friday.
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