A quick "look-see" at my #1 Big Picture chart and what I am looking for to get me into a new stock market directional trade. First, the chart: QQQ There are two rays drawn from recent lows on this QQQ Daily chart (red lines) the breaking of which would get me progressively more bearish. The Fib target for an intermediate term move lower is way down in the low 400's (420 to be exact), which amounts to about 50-60 QQQ points. A move to the lower channel line would be to about QQQ 450-460, about 20-30 points lower, but at that level I would expect only a one or two day bounce before another leg down. The trigger levels are at 487 and 477, respectively. If they are taken out, especially on a closing basis, I want to own QQQ puts, expiring either in Nov or Dec, or both. If I feel strongly enough about it at the time, expect a PRO Alert recommending those puts. If I'm ambivalent because of the election, I'll sit on my hands. In any case, that is what I'm looking at as the next big trading opportunity in my sights. Keep an eye on those levels and if they break, another eye on a possible QQQ Trade Alert. QQQ Dec Puts Not a recommendation without a QQQ breakdown as described above. If that does happen, expect the Dec $450P to be priced about $5.00 or better by the time the trade is confirmed. At QQQ 420 this put would be up at least 5X. RKLB Calls Another triple digit winner, subject to 50% trailing stop.
