Just before the Cubes began to freefall yesterday, we bought four December 36 calls (QQQLJ) for 0.75 off an opening bid that had been lowered from 1.02. For now, continue to offer four November 36 calls (QQQKJ) short against them, but bring the price down from the 0.60 originally suggested to a more realistic 0.48. In retrospect, it’s clear that a stop-loss was warranted, since the breach of the 32.90 support on which our call bid was based implied further weakness. We may have to contend with still more selling today, since QQQ looked bound at the close for a minor Hidden Pivot at 31.76 that lay 0.16 beneath Wednesday’s intraday low. If you hold no position, I’d suggest bottom-fishing at that last number, using a stop-loss as tight as 6-7 cents. It is a double Hidden Pivot and should therefore be expected to show some stopping power. However, under the circumstances, if it does not it will be warning bulls to flee for their lives. _______ UPDATE: There’s no additional play here, since the Cubes have traded well below the support in night action, with put and call options unopened.