I just sold half of my June 50 calls on the QQQQ with a 100% gain. I was thinking I would be able to close out half of my contracts on the open, but the market didn't gap up as much as I expected. So it took a little time to get to my price targets.
So for a recap I was in 100 contracts of QQQFX at an average price of $0.23. I just sold 50 of the contracts at $0.47 for a better than 100% gain on the trade.
The Q's are now trading near the high of the day and are showing some decent strength. The charts are now telling me that we are way over bought and we should start to see some downside over the next couple of days to consolidate some of these big gains. I was thinking of holding the rest of my Jun contracts for a little while, but may just close them as well depending on the state of the market over the next couple of days.
So for a recap I was in 100 contracts of QQQFX at an average price of $0.23. I just sold 50 of the contracts at $0.47 for a better than 100% gain on the trade.
The Q's are now trading near the high of the day and are showing some decent strength. The charts are now telling me that we are way over bought and we should start to see some downside over the next couple of days to consolidate some of these big gains. I was thinking of holding the rest of my Jun contracts for a little while, but may just close them as well depending on the state of the market over the next couple of days.
Leave a comment