QQQ is leading the indices on the downside Monday, with the first level of key support just below current prices. With QQQ trading at 383-384, a break below round number support at 380 would be our first indication that something more serious on the downside is happening. While we continue to monitor IWM 177 as a key level for the broader market, let's use a break below QQQ 380 is a trigger to get long Jan 19th QQQ Puts (aggressive traders can get started anywhere below QQQ 383.00). QQQ Daily PRO Action Item Buy the QQQ Jan 19th $375P and/or Jan 19th $370P on any QQQ break below $380. Alternative Strategy: Buy 1/2 position of the $375P now and 1/2 position of the $370P on a break below 380. In any case, we don't want QQQ trading below $380 without owning a position in QQQ Jan 19th puts. QQQ - A more dire downside projection Potential for air pocket < QQQ $260
