I decided to take my profits on my trade today at the 25% level. Not bad for a single day. The downward move today seems to have stalled as we enter the end of the day so I decided to take my profits here. I still think there is plenty of downside left in this short term move and I think we are going to retest the $27.96 level over the next couple of days. I will be away from my computer for the next couple of days, so I will just need to let the move play on without me.
For recap this trade was for 20 contracts of the Feb 29 Puts on the QQQQ with a cost basis of $1.05. I closed the trade at $1.31 for an almost 25% gain on the day.
For recap this trade was for 20 contracts of the Feb 29 Puts on the QQQQ with a cost basis of $1.05. I closed the trade at $1.31 for an almost 25% gain on the day.
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