Hello Investors,
We are going to take a loss on our QQQ trade from yesterday. There are things happening today that are hard to explain. In these situations, you can get into a scenario where prices do some wacky and unexpected things. So, since this trade has a very large risk profile, we would like to simply take the smaller loss today. However, we are very likely to come back to a bearish strategy when the dust settles. This was not well timed but the loss is smaller in size given that we took a very conservative OTM bearish position. QQQ is exploding higher today as stocks like NFLX, FB and others surge today.
Buy to close: QQQ Sep 18th (monthly) 305.00 strike calls
Paid a debit of 1.85
In addition, we bought 3 more shares of CVX today at 85.17
Happy Trading!