QQQ – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- QQQ Sept 1, 2023 $365 call near $3.80
- Stop: Close under $356
- Target 1: $365
- Target 2: $370
BONUS Call Spread Idea:
QQQ Sept 8 sell $360 call & buy $370 call for $4.50 net debit.
Instead of going after any individual stock, I am going to go after the tech index, and buy QQQ calls as my Bullseye pick this week.
My plan for QQQ this week is to start with a half-sized position near the market open. I would then like to add to this if QQQ gets back to $358 level.
Remember, we have a couple of significant events this week. The first is NVDA earnings on Wednesday evening. I really want to be out of at least half of my trade prior to that earnings announcement.
The other is Powell talking in Jackson Hole on Friday this week. I expect him to try and calm the bond markets, which should also benefit the stock market.
I really think we have a great 3-day window on QQQ before NVDA on Wednesday this week, so I want to make the most of it.
If I am wrong on this trade, I will stop out if QQQ looks to close under $356 level. That is a very tight stop, but I do not want to see the lows from last week get taken out. If that happens, I will walk away with a small loss.
On the upside, I think we could see $365 in short order followed by $370, which is the upper end of the Keltner channel on an hourly basis.
It is going to be a fun week of trading…I hope you are ready for it!