As we discussed in our Live Review Session this morning, QQQ was down and the decision to manage is whether to close it now or roll the puts/calls. Given the market sentiment, better to close it today with a small loss and either re-set or take a pause on the QQQ.
Invesco QQQ Trust ETF (QQQ): 279.20
TRADE ACTION 1: CLOSE the QQQ 23 Sep 283 call / 21 Oct 284 call for a net credit of around 7.25
BTC the QQQ 23 Sep 283 call
STC the QQQ 21 Oct 284 call
TRADE ACTION 2: CLOSE the QQQ 23 Sep 293 put / 21 Oct 292 put for a net credit of around 3.40
BTC the QQQ 23 Sep 293 put
STC the QQQ 21 Oct 292 put
TRADE ACTION 3: CLOSE the QQQ 23 Sep 310 call / 21 Oct 310 call for a net credit of around 1.00
BTC the QQQ 23 Sep 310 call
STC the QQQ 21 Oct 310 call
The 50K Portfolio was trading 3 contracts; the 10K Portfolio 1 contract.
Depending on your fill prices on entry and exit, we should end up with a 0.65 to 0.75 debit loss or -$200 to -$250 for 3 contracts.
We’ve traded QQQ for steady profits in Small Account Trader PRO this year even as the NASDAQ stocks sold off. However, our last two QQQ trades were losses. Chris and I will review our QQQ trading record and discuss in tomorrow’s live trading session (10:30 AM Eastern) whether to run a new QQQ trade or take a break for now.