I rarely day-trade index options, but wow, this one was too easy to pass up.
Simply stated, the QQQQ was down hard before the open, but relatively speaking, not nearly as bad as the other indexes. The daily chart showed it was not going to break last week's lows. So the simple thing to do was to buy calls at the open (with a tight stop at the day's lows) and get out the moment it closed its gap. (See horizontal line)
I hope I didn't confuse people into think I had gone bulltard on them. It was a quick, easy profit, and I switched back to the dark side promptly. I have, in scientific terms, a buttload of Russell 2000 puts, re-acquired near today's highs (I dumped my original position immediately this morning at terrific prices).
