Ninety minutes before Thursday's close and the market is well off of its lows...for now. I want all option traders to be ready when this thing starts to fall apart, whether that be today, tomorrow, next week or after the Feb 1st FOMC meeting. We are going out to Mar 17th (58 days) option expiration to cover as much time as we can without giving up too much leverage. Trade details are below the charts. I'll post when necessary, as usual, but time may be of the essence when the wheels finally come off. I'm hoping to get in a volatility trade as well, but am saving that one for last. Key Levels & New Trades QQQ - New Short-Pending: On close below 270 or any touch below 268 SPX - Two Key Levels SPY - Short (Buy Puts) on break below 380 and/or 375 NEW TRADES QQQ: On breakdown below 268-270: QQQ Mar 17 $260P (4.60-4.65) Targets: QQQ <210; $260P >60 SPY: On breakdown below 380 and/or 375: SPY Mar 17 $365P (4.20-4.25) Targets: SPY <320; $365P >45 STOP On Options @ -50% (from peak after entry) RISK/REWARD (Approximate) Risking 50% to make 10X
