QQQQ – Nasdaq ETF (Last:57.75)

Nasdaq ETF (QQQQ) price chart with targetsIf you’re short the E-Mini S&P from 1358.25, or have no position at all, try bottom-fishing this vehicle near 57.17, the Hidden Pivot midpoint of the pattern shown. This will work as a hedge against the short or, simply, as a cheap bet on a bounce from our number.  The June 57 calls would be a great buy for around 1.03, but be prepared to pay more if they’re trading higher with the Cubes within pennies  of our target.  I’ll suggest buying four calls, but stop yourself out of them if the underlying trades 56.98 or lower.  On a rally, be ready to cash out half of the position for a partial profit at 57.48. If you would like to know more about the Hidden Pivot Method that we use  to forecast and trade swing highs and lows,  click here and get a free one-week subscription to Rick’s Picks. _______ UPDATE (10:52 p.m. EDT):   The trade was a non-starter, since the Cubes began the day a penny above our 56.99 stop-loss and quickly dropped below it.