Q's bounce off $49.91, Sold my Puts for 16% Gain

The Q's went straight down to $49.91 (one penny shy of my $49.90 target) and bounced right off that point this morning. This looks like a nice gap down reversal so I sold my contracts for a nice profit of 16%. In theory I could have done a true reversal and sold my puts and opened some calls, but right now I think that may be too aggressive. We could test $49.90 again or head to to S2 at $49.38 today. If we do happen to do that, I may think about getting long with some calls at that time.

So for recap I was in 40 contracts of the Jun 50 QQQQ puts at a cost basis of $0.73 and I sold them this morning for $0.85. This represents a 16% gain on this trade.