As much as I'd like to see the market hard down every day while strategically holding options for a deep dive, the market doesn't work that way. To the contrary, it does everything it can to shake loose weak hands in front of a big move. That is my observation of price action over the past few hours of trading. I repeat from yesterday: "The expectation is for stock indices, especially QQQ, to close this week at much lower levels than it opened." In other words, QQQ will be in the 400's by Friday and how deep into the 400's is the big question mark. SQQQ calls (Feb) and IWM puts (Feb/Mar) are my best bets for now. If anything changes, you'll read it here (PRO Service) first. QQQ 120 Minute First close below QQQ 500 gives significant weight to this wave count, suggesting 470, minimum, for next leg down.
