The FAANGs and the Nasdaq have been on a holy tear lately, fed by money-managing chimpanzees who know they’ll do just fine if they continue to throw their clients’ nest eggs at fewer than a dozen stocks. If it seems like this alleged ‘strategy’ has reached the point of absurdity, there is evidence in the chart to support fading it. Specifically, I’ll recommend buying four June 29 176 puts if and when QQQ gets within 0.08 of the 178.98 target. If this happens on Friday, the puts would be a decent buy for around 0.95 to 1.05. If the trade fails to trigger, check back Sunday night for any adjustments I may have made._______ UPDATE (June 17, 5:10 pm. EDT): Just a small change for Monday. With QQQ trading within pennies of the 178.98 target, the puts would be a sweet buy for around 0.90 to 1.00. _______ UPDATE (June 18, 9:13 p.m.): The Cubes never got close to the rally target where we’d planned to buy put options. The trade would have been low-hanging fruit, but that’s the only way I’m going to suggest that you jump aboard this vehicle. The target is still valid, so I’ll let the order stand, but I don’t expect it to fill.
