First, The Q's ... QQQ
Typical bollinger band short here. This week the markets got way overextended, look how gappy that run is! So everytime the Qs get to the 70ish area on RSI, there are some declines. However, the Qs also managed to break out to new highs on "increasing" volume, so QQQ may go higher!
+5 SEP 113/114p @ 0.45. Not risking a lot here because the momentum monkeys may chase this thing higher.
Next up, Facebook FB
Same deal as with QQQ. FB was up on no real news, just kind of following suit with GOOGL's earnings surge of 15%. FB earnings are in two weeks, so the IV is very high. I sold 5 98/100 call spreads (that's the highest available) for the 7/31 expiration, planning on closing this before earnings. Could run up some more into earnings, but it has to run fast to beat the time decay. 0.65, 70% PoP.
Last, the GLD. Gold.
Gold broke down below its strong support line and has quickly fallen out of favor as the dollar has risen in value and a rate hike is supposedly on the way in September. I think gold will finally trade down to $1000 an ounce over the period, because the "safe haven" value of gold has diminished in favor for the safe haven of the US dollar. Sorry, gold, it was a great run.
+5 SEP 108/109p @ 0.48.
For DIA, things lightened up a bit today. Although the Dow only declined by a few basis points, the position closed the day @ 0.67, 0.12 lower than Thursday. As it stands, it has a 64% PoP and expires in 35 days. Volatility was sucked out of the indices incredibly quickly!
Total Portfolio Capital at risk: 6.54%
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