The bear market has not yet reached fear and panic mode, angst enough to trigger circuit breakers. With that still ahead I am in no hurry to lighten-up short positions beyond some banking of some profits as gains are rolled over into further out strikes and expirations. The expiring Q puts should be replaced with Jun 17th out-of-the-money's before Friday's close, UVXY is already replaced with Jun calls as per yesterday's update, and GM can finally be let go as we reassess new names to short going into next week. We have been shorting GM since January 12th when it was trading in the low $60's. Sweet revenge for my red 1971 Vega. PRO Expiring Options -> Top Three Rows QQQ - Fibonacci Price Extensions This "Big Picture" chart has been serving well as a pattern recognition GPS for most of the year. It is targeting QQQ 250, more or less (230-260), by Jun 17th expiration, although not in a straight line.
