We had the bailout last week on Friday and the market sank like a rock. This morning we have the Q's trading down over 5% this morning and we are in oversold conditions.
My indicators are telling me that we are at a near term bottom and we should see a small bear market rally from here in the Q's. I'm not saying this is a bottom to the current downtrend. This is just going to be a short term bottom back up to the $37 level in the Q's before we start heading down again.
So I purchased 5 contracts of the QQQQ Oct 36 Calls (QQQJJ) with a cost basis of $0.95.
My indicators are telling me that we are at a near term bottom and we should see a small bear market rally from here in the Q's. I'm not saying this is a bottom to the current downtrend. This is just going to be a short term bottom back up to the $37 level in the Q's before we start heading down again.
So I purchased 5 contracts of the QQQQ Oct 36 Calls (QQQJJ) with a cost basis of $0.95.
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