The Dow Up 457 And the Nasdaq Up 460.70

Look at these gains today. Today is a Thursday. Meta is up $18.04, AMD is up $17.49, NVDA is up 110.55, AMZN is up $6.00, ELI lILLY is up 23.75, SUPER MICRO is up $241.52, NETFLIX is up $15.12, COSTCO is up $11.38 AND MODERNA is up $11.85. Gains of $110.55 and $241.52 in one day on two stocks! What's that all about? Well warning bells should be going off. We must be at a short term top. Three stocks stand out to me that are having changing stories. 1) Moderna. 2) Rivian. 3) Lucid In these crazy markets a lot of these stories get buried. Option players in these markets are getting whipsawed and it is getting to be to difficult a market to play in. Once this final round of earning reports are over things should get back to normal.

The QQQ's Again

Back on July 26th I wrote a blog on trading the QQQ's. There is nothing magical about trading them, you just type in QQQ and follow the promps like any other stock. It's options on a basket of stocks. Stocks like Apple and the like. Pick whatever the day you want your series to expire. I like buying a few days time. Sometimes the markets lose their strength around noon on Fridays. It happened today. Here is it's five day chart and you can see the market selling off on Friday afternoon.
So here is the trade I made today.
I was in this position for 2.50 hours. You can see I bought an Aug 8th series so that would have given me until Tuesday. I got in at 11:53 a.m. It was an easy chart to play on the downside. Now I want to point out how this is a trading vehicle many traders recognize. Look at the closing summary of this series of Puts. There is something about it which stands out.
Notice the open interest of 1,771 and the trading volume on the day of 31,765. These are hot potatoes and taking a profit on a Friday afternoon is always a logical thing to do.


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