Buying Puts Again

By Mark on July 29, 2008 11:36 AM | 0 Comments
The Q's (and the markets) had a nice snap back rally this morning. They have come off the highs of the day and have broken the intraday trading channel for today. They look like they will continue lower on the day and I decided to play this move for a daytrade.

I purchased 40 contracts of the QQQQ Aug 44 Puts (QQQTR) with a cost basis of $0.55.

I will be keeping a tight stop loss on this trade since I think the overall market direction has changed and the general trend is now pointing higher.

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