Fear Back Almost To Monday's Highs. Market breakdown!

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Hey Options Trader,

Today was quite the rollercoaster for the markets. At one point we saw $QQQ ( ▼ 3.02% ) up 3.5% and looked as if the rally was going to continue, only to finish negative on the day. Volatility is near Monday’s yearly highs which is an option sellers dream. Put prices are through the roof. The real question is though, are we headed much lower from here?

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1. $QQQ and $VIX ( ▲ 8.37% ) - Market Breakdown (gameplan for tomorrow)

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QQQ and VIX - Key Levels

While $QQQ ( ▼ 3.02% ) looked as if it were going to touch the lows of yesterday, I do believe it holds these levels.

Negotiations on tariffs are happening with almost all countries, except for China. President Trump slapped a 104% tariff back on China after their retaliatory tariffs were imposed. They go live tonight at midnight.

Negotiations with China, will happen sooner then later.

With that being said, VIX has only closed above 40 several times in the past 5 years, so this is a rare occurrence. Since 2006 every time VIX has elevated more than 30% in a day, it retraced the move 85% of the time within 3 days. If we trade the probabilities, this is what’s bound to happen.

I closed my May $25 $HOOD ( ▼ 7.76% ) puts today towards the open with a $1330 profit and then quickly re-opened them at the end of the day when HOOD fell nearly 6%. Volatile times equals opportunity.

Tomorrow, I’m expecting a small gap down open to rally back up in todays ranges around $435 on QQQ until we get further clarification on the China tariffs.

Economic Calendar for this week!

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