The QQQ trade set-out yesterday was triggered early this session, if only for about 20 seconds. Nonetheless it is being booked in the portfolios. The Apr 16th $300 puts can be bought a little cheaper today (bid 4.55 ask 4.57) and initial positions should be on before the close of trading. There are four weeks to go in April expiration and QQQ has the potential to fall well below $280 by then. Counter-trend rallies are the place to enter longer-term downtrends, and with two hours left in today's session, we are there. More tomorrow in the Weekend Update, along with new projections for Bitcoin.
