Okay, I am crazy....but I bought QQQ calls on the close...

I just paid .84 for a nice chuck of QQQ Aug. 59 calls..... as this messy news may get sorted out very soon.... tonight could very well be the closing low of this move..... I have tiem on my side with these August calls and sooner or later this deal will get voted in and we'll have a barner burner relief rally.

I am not bullish about a reversal yet. Tick is oversold so we may get a bounce, and GDP is on Friday and probably it will disappoint, everything disappointed so far. On NDX, 5 month average range is 150 points, monthly high - 150 points is around 2290, it is also the 10 month average, we may get there by Friday's close. For SPX, it is 70 points, monthly high of 1356 - 70 = 1286, it happens to be the channel bottom for Friday, although you trade the Qs, I think it will be the same... I expect 1296 for tomorrow to support on SPX, a minor bounce of 5-10 points and then another 20 down to 1287 on SPX, we already exceeded the weekly range down, it will probably extend lower now. Either this, or it shoots straight down to 1287 and tries to bounce on GDP...

Edited by arbman, 27 July 2011 - 03:39 PM.

I exited 1/3 of my call position at 1.14 .... holding out for a little more on the remaining position.

Exited remaining position at breakeven today. Not holding over weekend due to uncertainty as well as premium erosion.