The MAR 42 Puts I sold at the open. The QQQQ’s gapped up. I held off closing my positions until it looked like it was going to refill the gap. , then I closed the MAR 43 calls. They were leftover from a multi leg trade. I really screwed the pooch on that trade, but it still came out profitable.

Funny thing is, the spreads were less than sucky for the 43 calls. They were still sucky, but better than normal. On an open like this, the spreads tend to be pretty wide.

Right now, I am flat in my account. I have some things coming up , and I won’t be back trading until next week.

UPDATE : I did scale out gettign out of the trade. I sold some of the position first, then held on to the other part for a little bit to see if it was going to mive back up.

Starting off my first week writing Squid options, I am going to post what I normally do on a weekly basis. I trade QQQQ’s and the first of the week, the first thing I check is how the cubes did the previous week, and the trading range for the next week. I see short term resistance around 43.30 & and support at 42.25. When I say short term, I mean for the next week or so. I do see buying if a breakout above 43.50 in the QQQQ.

On the longer side, we won’t see anything until we pass 44.0, where it would be a good time to take a look at our position.

For Monday, i am looking for a tighter range between 43.0 and 42.55

~squid