From an original position of four April 48 puts purchased when the QQQs were topping on Friday, we hold two contracts with a cost basis that has been lowered by profit-taking to 0.56. Now let’s offer another put to close for 1.32, where I estimate they should be trading if the Cubes fall to a 47.09 target.  That’s a Hidden Pivot, and it can serve as our minimum downside objective for the near term. I’ve included a snapshot of a calculator that helped me determine a fair value for the puts.  The 15.7 volatility came from Tradestation OptionStation Analysis and represents implied volatility for the “offer” side of the spread.