QQQ has broken its uptrend line. Today’s move would look like a dead cat bounce after YHOO lost almost 12% in after-hour trading. Tomorrow will be a big gap down. I have reduced my puts on QQQ.

My Jul 20 Puts are under water, but Aug 22.5 Puts are doing OK. I will monitor closely tomorrow to see if I should seize the opportunity to close the Jul 20 Puts.

I’m also looking for opportunities to buy back some shares of MSFT for my long-term accounts.