Despite the -50% stop being hit on our Mar $570P bought on February 4th, the structure of QQQ below is screaming, "hard down coming." We were about a month too early on that short position, my bad, but that doesn't mean we sit out a bearish set-up going forward. Here is my outline for establishing a new short position, still basis March expiration. QQQ 180 Minute Two key levels to add puts are a break below round number support @ $600 and a break below the Wave 1 low of Feb 5th low of 593. Leg into the next trade as follows: One-third now, one-third below $600 and one-third below 593. Worst case, QQQ never breaks 600 and we only risk 1/3 of a position, while best case is a dollar cost average short coming in around QQQ 600, as the index falls precipitously into March expiration. For new positions: Target Range Looking for QQQ 570-540 before Mar 20th expiration. Late Add: Our Next Oil Stock BKR New Position: BKR Apr $65C Crude Oil Hourly Volume spike as crude recovers three days of price erosion in three hours.
