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Last Update: 8.29.13

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8.27.13 Tuesday

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[Morning] Entered Put Positions @ $76.08

This morning when the whole market gaped down I was watching $QQQ pretty closely hoping to see some kind of quick bounce up so I can get in with little bit better entry because I was looking at this potential Island Reversal formation right on that resistance level.  But I had to make sure that the gap is not filled during the quick bounce to possibly negate the island reversal.  At around $76.08 decided to go short with put positions as I started to see that the bounce was just a short-term.

[After Close]

Whole market tanked and $QQQ couldn’t sustain and tanked as well with much selling pressure looking at the volume today.  I do think we are going to continue to the downside and next support is at around $74.35.

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8.29.13 Thursday

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Puts Stopped Out with Loss @ $76.60

I had such a great entry on this one so the loss wasn’t big but perhaps my stop was little too tight.

$QQQ looking more bullish than any other indices currently but I think broad market is getting into correctional mode and I think $QQQ is only lagging a bit here. I want to look for next opportunity to short.   Island reversal is still in play as the gap is still open and as long as that gap remains open, I think we can see $74.30ish early next week.  I probably wait to short again sometime next or week after.