QQQ – Nasdaq ETF (Last:314.98)

The Cubes so far have exceeded my 312.29 target only slightly, but we should be prepared nonetheless for a resumption of the rally to the next logical Hidden Pivot, a 329.40 midpoint resistance that lies 5% above these levels. The pattern is not quite pretty enough, nor the point ‘A’ low distinctive enough, to make 329.40 a no-brainer spot to get short, but we can attempt it anyway with a small put position initiated with QQQ within a point or two from the target. The pattern looks appealing for getting long ‘mechanically’ at the green line, but we’d need quite a correction to make that possible. For now, continue to sit on the Feb 19 240/250/260 put butterfly spreads we acquired last week for a pittance. _______ UPDATE (Jan 4, 7:53 p.m.): With the S&P futures’ downturn from a hair above my target, an important top today in this vehicle has become more plausible. Let’s see what a couple of big-news days adds to the picture. ______ UPDATE (Jan 7, 11:05 p.m.): An important top at 312.29?? I must have been on drugs when I wrote that.