Going into this weekend there are 10 trading sessions left until Jun 17th expiration. That is plenty of time left for the Jun 17th index puts to recover drawdowns and generate significant gains, assuming that a new leg down has begun by next week. If there are no signs of that happening, that risk capital is best served by rolling over into July 15th expiration. As has been documented in these updates, this is no ordinary new leg down that is forecast, it is a "Wave 3" of a "Wave 3" and it should be massive. QQQ The (current) chart below shows a Wave 2 retracement of the March 29th to May 20th wave 1 leg down that is over and Wave 3 has begun. A break below QQQ 300 makes this a compelling scenario and a break below QQQ 280 all but assures QQQ 250 by July 4th. UVXY UVXY has triggered a Buy Signal in its very short-term 30 minute model. Aggressive volatility traders can buy the Jun 17th $14C @ $1.20 or under, looking for UVXY $20 or better in the next two weeks. Less aggressive traders can wait for UVXY to break above $15 and then buy the July 15th $20C.
