Trade Update – Closing $QQQ Sept Put Spread for a Gain

by CC August 21, 2015 3:19 pm • Trade Updates

We’ve had a short position on in the QQQ for some time now. Initially it was a naked put and just yesterday we turned that into a put spread. Here’s how we got here. On July 24th (A Few Good Ten) we had the thought that any loss of leadership in the space spelled technical doom for the index. Here was the trade:

Trade – QQQ ($111.70) Buy Sept 110 Put for $2

Yesterday we took some of the deltas off the table by spreading:

Update: Sold to open the QQQ ($107.65) Sept 102 puts at .85
New position: Long the QQQ Sept 110/102 put spread for 1.15

With today’s continuation of the sell-off we’re nearing our short strike and it’s a great opportunity to book profits:

Update – Sold to close the QQQ ($103)  Sept 110/102 put spread at 4.85 for a 2.85 profit on original put