100%-plus Profit on QQQ Puts
by Mike Paulenoff
March 14, 2015 • 12:28 AM EDT
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.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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