With QQQ an inch of from a long-term Hidden Pivot resistance at 138.19, we took a small starter position in put options and will be looking to buy a few more as this vehicle gets even closer to the target. Subscribers reported acquiring two May 26th 137 puts for as little as 0.78, leaving a 0.55 bid for six more, good-till-canceled, as instructed. The trade was also posted on The Scoreboard and sent out as an intraday alert to all subscribers who have checked ‘EMail Notifications’ on their account page. If you are in on the trade and want to stay apprised of changes in real time, tune to the chat room. Any significant changes to the position will be announced via intraday email alerts. Please note that if the 138.19 target is decisively exceeded, QQQ would be signaling additional upside to at least 149.41. We’ll look to buy additional puts there, too, as warranted. _______ UPDATE (May 9, 6:39 p.m. ET): Subscribers who followed my guidance own eight May 26 137 puts for an average $61. QQQ looked menacingly strong at the close, but we’ll sit with the position for a couple more days anyway — in part to take advantage of a potentially important May 11 turn date flagged by my go-to guy for cycles, Peter Eliades. _______ UPDATE (May 11, 5:34 p.m.): As noted in The Morning Line, today’s bounce, deftly manipulated as it was, failed to exceed any prior peaks on the hourly chart. Maintain short positions.
