QQQ and RHAT

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.

QQQ and RHAT

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.

ES

On an option expiration day like today, the market was pretty choppy. Taking quick profits is prudent. The long tails and shooting stars on the candles caused a lot of pain.

I scaled in some 401K money into mid-cap and foreign funds today. I expect the market will be going higher a little while with recent good earnings from INTC, YHOO and GE alike.