Buying Some QQQQ Puts

By Mark on July 8, 2008 11:45 AM | 0 Comments
The Q's are hitting the top of my trading channel today and I have been monitoring the trading activity this morning. They have been trying to break out to the upside most of the day and have run into some short term resistance. So I'm getting short here with some puts on the Q's.

I purchased 20 contracts of the QQQQ July 44 puts (QQQSR) at a cost basis of $0.50.

I suspect we will be testing the $44.40 level on the Q's over the next couple of days and this move will give me some decent gains.

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