QQQ: Triple Zig-Zag corrections on path to 405 ATH?!
We had two zig-zags, in Sep/Oct and Mar/May. These lasting 2-3 months. Bull waves after lasting 3 months, gaining ~60+ pips.
This rally is near exhaustion IMO. Expect correction on/about 7 September after Labor Day. 3 Sep likely a new ATH.
Most ATHs DO OCCUR IN SEPTEMBER! That said, Ka-Powell speaks this week, Fed meets, Treasuries look like headed for inversion.
Death cross in T-bills came over wires today. Entering some shorts, not whole hog yet. Bear put spreads and vertical call credit spreads.
NB: Low price of 2nd zig-zag just touched prior ATH (March low tapped September high); if pattern recurs, projected low ~342 in September.
Notice how thin the volume gets at these stratospheric prices! Not many buyers up here... but it creeps higher nonetheless!
VERY RISKY ATM! Trade at ur own risk; maybe better to go fishing and hit the beach instead! Risk-free activities encouraged! GLTA!!
This rally is near exhaustion IMO. Expect correction on/about 7 September after Labor Day. 3 Sep likely a new ATH.
Most ATHs DO OCCUR IN SEPTEMBER! That said, Ka-Powell speaks this week, Fed meets, Treasuries look like headed for inversion.
Death cross in T-bills came over wires today. Entering some shorts, not whole hog yet. Bear put spreads and vertical call credit spreads.
NB: Low price of 2nd zig-zag just touched prior ATH (March low tapped September high); if pattern recurs, projected low ~342 in September.
Notice how thin the volume gets at these stratospheric prices! Not many buyers up here... but it creeps higher nonetheless!
VERY RISKY ATM! Trade at ur own risk; maybe better to go fishing and hit the beach instead! Risk-free activities encouraged! GLTA!!
Trade active:
Closed early AM on gap weakness. IMO can run higher until 3 Sep, do not chase it.
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Re-entered bear spreads in 22 Sep 374P / 30 Aug 369P on retracement. Five spreads to start, add if these fall OTM
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Moved quickly ITM, closed out in case EOD short-covering rally!
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Back in 01 October 375P, ten bear spreads
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Rolled the 375s into 380s and bought 382Ps, 30 spreads. On 1 Sep ATH was expected and delivered at 105 bars from 17 May sale. Move at or near completion IMO
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Looks capped at ~382 for now. Closed partial position intraday, holding 10 spreads. Might move higher on short covering Friday...
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Closed shorts on PM weakness Thursday 9/02. Look for blowoff meltup Friday?!
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Buying calls on SQQQ, and shares of same. October $7.5 calls trading <.40c
