The QQQ (366.70) chart below shows price retracing close to a Fibonacci 38.2% from Monday's lows then turning back down. It's possible the retracement is over and new lows will be seen later today, but it's also possible that one more leg higher is still to come. In either case, the ultimate low for this initial wave down is still ahead. It would take an hourly close above 378 to bring the bearish case into question. The PRO portfolio is holding the Oct 15th $370P (25 days). Another much more aggressive way to play the a deep dive this fall in the QQQ index, while at the same time buying some time, is to go way out of the money in a further out expiration. Two alternative candidates for this kind of strategy: QQQ Dec 17th (88 days) $300P (3.34-3.36) At the lows yesterday (QQQ 360.94) this put was trading at 4.42 (+74% from Friday's close). QQQ Dec 17th (88 days) $250P (1.08-1.10) At the lows yesterday (QQQ 360.94) this put was trading at 1.42 (+58% from Friday's close). For comparison. at the lows yesterday our Oct 15th $370P (currently trading at 9.20) was trading at 13.84 (+120% from Friday's close) Going way out-of-the money is usually not an effective strategy, but with so many news-events due in the coming days, that extra time will come in handy if the worse of the worst is someway delayed until after Oct expiration.
