The Q's have had a big move down today to continue the downtrend I saw forming a couple of days ago. We have reached the lower end of my trading channel and we are in extreme oversold conditions.
So I'm buying some calls here at the close.
I purchased 5 contracts of the QQQQ Oct 38 (QQQJL) with a cost basis of $1.10.
The charts are telling me we will see a bounce up tomorrow, but I don't expect anything higher than the $38 range. I'm basically treating this as an overnight trade and plan to be out before the close on Friday.
So I'm buying some calls here at the close.
I purchased 5 contracts of the QQQQ Oct 38 (QQQJL) with a cost basis of $1.10.
The charts are telling me we will see a bounce up tomorrow, but I don't expect anything higher than the $38 range. I'm basically treating this as an overnight trade and plan to be out before the close on Friday.
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