NVDA reports on Wednesday after the close and as such, it represents a bit of a wild card for short positions, in particular, SQQQ calls and QQQ puts. Although it can go either way come Thursday and Friday, an alternative directional play for "add-on" positions to the short side is IWM. The expectation would be for NVDA'a short-term reaction to have less of an effect on IWM then QQQ (then again, note the ORCL chart below.) Accordingly, let me suggest IWM Jan out-of-the-money puts. As this chart of IWM suggests, it too is tracing out a third wave down that is either imminent, or already has begun. Confirmation would be taking out Friday's low print. IWM Daily Add Jan Puts on IWM taking out its Friday low @ 233.27 IWM Jan Puts (priced near Monday's Open) On NVDA's Upcoming Earnings ORCL: Price After Earnings A preview of NVDA's earnings reaction?
