Trade Idea: (Short Term Options)

I'm going to go ahead and set up a fade trade, I suspect it will last a day or so, perhaps in to tomorrow.

The assets I have been looking at include IWM, QQQ and VXX (long/calls for the first two and puts for VXX). I'm leaning toward the IWM, likely August 8th expiration with a $110.50 strike.

I'll post some charts next. I believe we will get a pullback intraday from current levels and that's where I'll likely be looking to open the position.  This is a speculative position.

Basically I'd like to take advantage of the opportunity, but more importantly is a bounce in assets like NFLX and right now I like XLF a lot so until we get there I expect I'll open a piggy back trade which will be closed when we get to a better entry for longer term trend positions like XLF (short).

Charts will be up shortly.