ACTIONS:
Buy to open the QQQ April 108 calls (QQQ150417C00108000, $0.45, up $0.05) with a limit order at $0.65.
Buy to open the QQQ May 110 calls (QQQ150515C00110000, $0.60, up $0.05) with a limit order at $0.80.
Dear Momentum Options Subscriber,
I normally don’t like buying options on the open, but I certainly don’t want to miss the QQQ’s pop past $106 this morning.
Remember, I mentioned that if this level triggers, a run to $108-$110 could come quickly.
I’m using Limit Orders 20 cents above Friday’s closing prices. If the call options I’m recommending open higher than the Limit Orders listed, the trades will be voided, as I do not want to chase the options.
I will provide an update on the trade shortly after the open whether if we are filled or not. There are other trades I like, but the QQQs will be really active on the open.
PowerShares QQQ Trust (QQQ, $105.52, up $0.42).
Buy to open the QQQ April 108 calls (QQQ150417C00108000, $0.45, up $0.05) with a limit order at $0.65.
Buy to open the QQQ May 110 calls (QQQ150515C00110000, $0.60, up $0.05) with a limit order at $0.80.
I am using Limit Orders to try to get filled on this morning’s open. It is an aggressive strategy but one that could pay off.
Use Limit Orders up to $0.65 on the QQQ April 108 calls (QQQ150417C00108000). If the QQQ April 108 calls open higher than $0.65, void the trade and do not open. These are the regular monthly options that expire on April 17.
Use Limit Orders up to $0.80 on the QQQ May 110 calls (QQQ150515C00110000, $0.60, up $0.05). If the QQQ May 110 calls open higher than $0.80, void the trade and do not open. These are the regular monthly options that expire on May 15.
All prices given in this update are current as 9:00 a.m. EST.
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.
Trade on!
Rick Rouse
Editor and Chief Options Strategist
Momentum Options