QQQ NQ Week of 1/28/24

Will I Buy QQQ Calls and Check Back in a Month?

NQ showed some significant relative weakness to ES this past week, which is somewhat interesting into tech earnings. I don’t personally bother to read into this too much, but it does become interesting on either side of the trade. If this big seller ends up underwater the squeeze should be significant, and if he is able to break things down further there is a nice trade to the downside to be had. Either way I expect a 100-150 handle trade may be available this week.

I’m additionally watching for a potential enormous trap of sellers this week. If this plays out, and there is some alignment with some of the macro for the week, then in all seriousness I will very likely buy 1,3,6 month QQQ calls and check back in a month.

I’ve described in detail these different scenarios and how they might play out this week.

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