QQQQ – Nasdaq ETF (Last:56.51)

No change.  Because we’re short the E-Mini S&P from prices well above these levels, I’m offering a gambit in the QQQs that will allow traders to leverage the dead-cat bounce that looks likely to occur shortly.  The downside target is 56.02, a Hidden Pivot, and so I’ll suggest buying four June 56 calls if and when it is closely approached (i.e., within about 6-10 cents).  Stop yourself out of the position if the QQQs trade 55.87 or lower.  The calls look like they should be trading for around $1.10 or so if the target is reached, but the price could easily vary by 10 cents or more.