[Closing Short Leg of Spread on QQQQ]
Dear Member:
With the markets still diving, QQQQ has fallen through the uptrend line that began in March. That along with the apparent race to the door and the impending weekend leads me to buy to close the Sept Q3 47 puts I earlier sold on the Q's. The order is to buy to close the Sept Q3 47 puts (UQQUU) at the market.
DISCLOSURE: I still hold long put positions on QQQQ with Jan and Sept expirations.
Sincerely,
Bill Kraft
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