Although the recent top in the Dow Industrials fell a whisker shy of my 13003 target, the Diamonds hit a corresponding target I’d given at 129.51, eventually registering an intraday high of 129.71.  Since I had advised buying four September 126 puts if DIA got within 0.15 points of 129.51, I am establishing a tracking position —  four puts @ 2.12 (their low that day was 2.04). For now, offer two of them (or half of the original position) to close for 2.80.  My immediate downside target for the QQQs is 127.36, based on the pattern shown. It is that target on which I have based the profit-taking strategy above. _______ UPDATE (10:07 a.m. EDT): With this morning’s powerful gap-down opening, we did far better than we’d planned, exiting two puts (or half of the original position) for 3.75, the price they fetched on the opening rotation.  Imputing the paper profits thereof to the remainder of our position gives us an effective costs basis of 0.45 apiece. Do nothing further for now.  The purpose of relatively easy trades like this one is to pay for the cost of your subscription, and we are well on our way to that goal with this trade. ______UPDATE (July 24, 12:45 p.m. EDT): The daily chart is still bullish, believe it or not, but this would be negated with a print at 124.24 that would take out two prior lows.  The bigger picture, starting with the 133.14 high recorded on May 1, projects to at least 123.23, the ‘p’ midpoint of the pattern. It’s tied to a D target at 116.67, which is my worst-case projection for the next 4-6 weeks.  We’ll look to spread off our puts by shorting some juicy out-of-the-moneys against them if and when p is approached, but for now do nothing further.