The Big Picture The market is hesitating in front of the next big move, whether it be up or down. Affecting the market are the debate tomorrow night, the election on Nov 3rd, the aftermath from the election and front and center is a spate of earnings reports coming out this week and next. For example, NFLX is down 6.5% today on it disappointing earnings. Is this a set-up for a buying opportunity in NFLX calls or the beginning of the long awaited correction for NFLX puts? The stock, along with hundreds of others is up 100% since the March lows. The times are treacherous, but this too shall pass. The good news is that trading options is where we want to be over the final 10 weeks of the year, including TSLA calls no matter what happens tonight. QQQ A quick reminder that this is the most important chart of the day and week. A hard break of 282.79 will bring me back online with QQQ Put recommendation, i.e., the Nov $275P (currently trading around $7.50). If the break is hard enough, we may be looking at a lower strike price. No matter, the Nov 20th expiration will be far enough out in time to cover any election related volatility. In addition the Nov 6th expiration may provide an option hedge that would cover both good and bad contingencies.
