The market seems a bit stalled here and I'd like to take the gains from the QQQ put position and re-open a new position with a longer expiration than the current July 17th.
This has nothing to do with the market direction, it has more to do with the tool used in this trade, options which have many more factors than just price such as Theta or time decay of the options and sitting still or losing momentum doesn't help their cause.
So for now, I'm closing the QQQ puts, booking the gain and looking for a new area to re-open the QQQ puts.
This has no bearing on core shorts/equity shorts, this is more about the tool and theta/time decay than the underlying asset.
The biggest risk here is that the intraday stall just breaks down, but with a 70+% gain to protect, it's a risk I'm willing to take.
5 years ago
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