A familiar pattern is setting up, all centered around the market reaction to NVDA earnings after the close on Wednesday. The bearish case is front and center pre-earnings, with QQQ breaking key support yesterday at 520. We will not be underestimating the downside here, as the Q's could be sent swirling well into the 400's by Thursday's Open. There is another scenario lurking in the shadows, and this market has been full of surprises to the upside over the past two years. If an intermediate term low is seen this week or next, we have a basket of favorites that have seen 1000% "Best Returns" over the past few months: Performance Tables. A new leg up into the 2nd quarter will see us jumping all over TSLA, PLTR and HOOD for starters. We need to see bottoming patterns followed by EW breakouts, in these and a half dozen other names on my radar, but first, a low needs to be put in and that, unfortunately for the bulls, is the least likely scenario, shorter-term. QQQ 45 Minute Above positions constitute our core short position, from Into The Close on Friday. Note: Both positions are up enough to move up stops. Based on the big uncertainty surrounding NVDA earnings out tomorrow (after hours) the big opportunity (and risk) is in near term options. How the market reacts will determine where we go next in terms of positioning. IWM 120 Minute The developing pattern in IWM minimizes the effect of NVDA in particular and AI in general, but that doesn't make the picture any less tenuous. Minimum expectation is for a break below 200, which would be a 5X return on the Mar 21st $215P. Next week we'll pull out the April monthly option table and look for like leverage. SQQQ 120 Minute "Acceleration Up"
