[Adjusting Spread on QQQQ]
Dear Member:
The Nasdaq tracking ETF (QQQQ) has turned down at a little resistance and that gives me a chance to take profit on the short leg of my Jan spread. I am placing an order to buy to close the Jan 51 Puts (QQQMY) at a limit of $0.57. I originally sold these puts for $1.32 so if I am filled, I will enjoy a gain of 75 cents a share. It should also give me another opportunity to sell more puts against my long Jan 45 puts.
AS further information, I am in snow country at the moment and am going to try to head south tomorrow. Since I expect to be on the road, I will not send a Weekend Summary for this shortened week. As I write this, I will say that the major indices have reached resistances and are currently turning back down. We could be looking for a little bearishness coming into the new year.
Happy New Year.
DISCLOSURE: At the time of publication, I am short the Jan 51 puts and long the Jan 45 puts on QQQQ.
Sincerely,
Bill Kraft
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