I decided to not take the stop once the Q's hit the $50.50 level. They got as high as $50.61 on the day and are starting to retrace a bit now. For my current play on the puts I think we will re-test the $49.90 level again over the next couple of days. I do expect that it should hold and we head higher from there. I expect that we should see some downwards movement to digest the strong gains we have had the last couple of days and this is the short term trade I'm playing now. I'm resetting my stop to $0.60 on the Jun 50 put contracts (which would be a 20% loss.)
The one thing is that the Q's are acting strong right now and the other indexes are not participating as much. If we get some participation from the Dow and S&P then we could see $55 on the Q's fairly quickly.
The one thing is that the Q's are acting strong right now and the other indexes are not participating as much. If we get some participation from the Dow and S&P then we could see $55 on the Q's fairly quickly.
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