Much as I’d like to report that the rampaging Cubes got snuffed at 138.19, a Hidden Pivot where we staked out a small put position last week (i.e., eight May 26 137 puts for an average $61), they in fact closed above it, implying they’ll be headed even higher over the near term. The 149.41 target shown (see inset) can serve as a minimum upside objective. Judging from the way the rally demolished the charts 133.24 ‘secondary’ pivot (p2), the D target seems likely to be achieved, probably by early June. ________ UPDATE (May 16, 9:43 p.m. ET): QQQ is getting hit Tuesday night. Just in case this gets interesting, offer half of the puts to close for 1.22, good till canceled. _______ UPDATE (May 17, 7:11 p.m. ET): Wowee!! Today’s stunning rout increased the value of our puts nearly tenfold to 1.84. Imputing gains realized on the four puts sold to the four we still hold gives them a CREDIT cost basis of 0.61 apiece. Sell two of them on the opening, holding two for a potential grand slam. My immediate downside target at 135.08 (15-min, A=139.64). _______ UPDATE (May 18, 9:03 p.m.): Today’s ragged rally was mildly impulsive on the lesser charts — although not quite on the ‘hourly’ — leaving room for possible downside to as low as 133.80 if QQQ can’t climb above 137.57. Sit tight with any puts you still hold, since there’s still plenty of time for them to produce an even bigger winner for us._______ UPDATE (May 21, 6:04 p.m.): No change. Any puts still held cost us nothing, so we can simply sit back and see whether the week brings us new opportunities to grow our profits on the position.