I believe tech will remain strong, and this trade also has a large margin of error.
Opened for a 0.40 Credit.
Looking at the chart, this trade lines up perfectly with a support zone, in addition QQQ is still trending upwards on a quarterly basis. This is a bit of a reversion trade in the sense that I am taking advantage of the pullback to collect adequate premium at a low delta short strike ( 0.14 or 1.4 STD).
This trade in combination with the XLE trade from yesterday has shifted my portfolio from Delta neutral to a small long market bias.
Opened for a 0.40 Credit.
Looking at the chart, this trade lines up perfectly with a support zone, in addition QQQ is still trending upwards on a quarterly basis. This is a bit of a reversion trade in the sense that I am taking advantage of the pullback to collect adequate premium at a low delta short strike ( 0.14 or 1.4 STD).
This trade in combination with the XLE trade from yesterday has shifted my portfolio from Delta neutral to a small long market bias.
Truthfully I was away from the desk and did not want to have to worry about this trade, and it had quickly gotten to 30% profit so I figured why not take it while it was there.