We are on the verge of QQQ breaking down, triggering a short trade below 525.00. In addition, I am now monitoring UVXY, the PRO Shares Ultra VIX Short Term Futures ETF, for a breakout above $23.00, triggering an aggressive trade to the long-volatiltiy side. UVXY Buy UVXY July $23.00 calls on any move above UVXY $23 UVXY is up 2.5% today in the preverbal calm before the storm. We'll be buying the Jul 18th $23C in the PRO options portfolio and on a breakout above $23. Target for this initial move is $28-$35, but ultimately we are looking at the early April peak of $58....before Labor Day. Target $28 - $35 before expiration, with the $23C trading between $5 and $12. Above $25 and we will be adding more. In this market environment, that could be as early as next week.
