We hold a premium-rich strangle in the QQQs, but it will shed value quickly as the week wears on and traders realize June expiration, on the 15th day of the month, will be stealing up on them quickly. Of course, the slimming effect on the puts will be exacerbated if the broad averages continue to rally. Accordingly, I have recommended bailing out of the option position Tuesday morning. At Monday’s closing prices, exit could have been achieved for a little more than we paid.