100%-plus Profit on QQQ Puts

On March 2, Mike added the QQQ 109 puts to his model portfolio at 1.60, when the underlying QQQ was trading at 109.24/25.  This past Tuesday, on March 10, he exited the trade at 3.41, when the underlying QQQ was trading at 106.26/27.
 
The chart below shows what Mike was seeing on March 2.  For one, the Q's had reached his anticipated high based on analysis from February 6, which pointed to an optimal target of 107.30 to 109.40 (the Q's reached 109.29 on March 2).
 
In addition, Mike's weekly RSI momentem gauge was registered yet another lower high, one more reason to doubt the sustainability of the QQQ strength.


More Top Calls From Mike

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!