QQQ Put Trade Management

Decision time, you should have at least a +20% gain from the earlier QQQ puts entered today on the short squeeze move, Trade Idea: Short Term Options (QQQ July 19th $94 Puts)

Today's gain on the 11:30 trade idea...

You can take the gains and look to reposition or just sit still, I think this is the moment of choice though as far as near term/intraday goes.

The TICK Index has been hiotting -1400 readings, lots of selling indicated by intraday breadth. This also brings up short term oversold conditions and I'm seeing some evidence of that.

My custom SPY/TICK indicator is improving slightly.

However this is the main evidence, the 1 min QQQ, although severe damage was done here today, there's a small relative positive divegrence building, likely for an oversold bounce from the TICK readings above, thus the Puts are probably worth as much as they will be for the rest of today, but longer term (they are only July expiration so not that long term), I feel they have a decent bit to add to that gain, especially considering where we got in to them.

 More intraday damage, which is important for timing reasons as we already have the bigger picture damage and timing is found on these shorter term charts.

For instance a 15 min QQQ chart showing the bigger picture damage, I believe the put position can add to the gains as we see a move to the downside resolving the larger 3-month range head fake as well as the FOMC knee jerk moves.

And compare the QQQ 30 min with the last relative negative divegrence retracing the entire February short squeeze rally and then compare to the current price level and stronger leading negative divegrence.

I'll hold the QQQ puts for the time being, but if you are looking for a quick 1-day double digit gain, now's the time to think about exiting.