Take profits and sell to close the second half of the QQQ March 93 puts at current levels.
Dear Momentum Options Subscriber,
I have another partial Profit Alert this afternoon for one of our current trades. We closed the first half of the position earlier today and, with the shares rebounding, I am electing to close the second half now.
PowerShares QQQ Trust (QQQ, $101.51, down $0.64)
QQQ March 93 puts (QQQ160318P00093000, $1.07, up $0.12)
Entry Price: $1.00 (2/2/2016)
Exit Target: $2.00 (closed first half at $1.40 on 2/3/16)
Stop Target: $0.50
Action: Take profits and sell to close the second half of the QQQ March 93 puts at current levels.
A rebound into the close could be in store, and the VIX is holding at resistance following a crazy spike shortly after the open. There will be more to talk about tomorrow, but, for now, we are out of the QQQs.
All prices given in this update are current as of 2:35 p.m. EST.
I hereby disclose that I will be participating in the aforementioned trade(s). Every new Momentum Options recommendation is listed with the price at which I entered my own position. If the price is slightly different than my recommended entry or exit price when you receive the alert, don’t let that keep you from getting into or out of a trade. Occasionally, you might even get a better “fill” price than what is posted in the Open Trades and Closed Trades.
Editor and Chief Options Strategist