August 17, 2017

Out of IWM, FXE and QQQQ Calls – Back in QQQQ Puts

Okay, I finally exited my NASDAQ 100 (QQQQ), S&P 500 (SPY) and Euro (FXE) trades this morning.

Here are the trades from my ThinkorSwim account:

As you can see I also just opened a QQQQ Jul10 46 put position.

I was profitable on two out of the three trades. I exited the QQQQ trade for a 5.3% loss, but I was up 7.1% in IWM and 17.9% in FXE, so I came out ahead.

The short-term indicators I follow had moved into an overbought state while pushing up against some decent overhead resistance so I thought it was best to take a few profits off the table.

I would like to see a quick drop and then another surge up to the 1105 area. If the market can push up to 1105 and into a short-term overbought state simultaneously I think the bears could be in for a treat. Of course, only time will tell.

I will be back later this afternoon with more. Stay tuned!