Invesco QQQ Trust Series 1 (QQQ)

[farooq]

Hi Roy, Good morning,

Things can remain over bought and evaporate lots of premium, that is the case here.

I think market is trying to tag 49.8 to 50 area here.
I am long May 49 calls from 64 Cents and my stop is now 80 Cents.

Most indicators are near the sell, many time I jumped and burned, this time I like to see it drop, then I will buy puts.

CCI 144 on 5 min chart is stubbornly high above 250, RSI 14 staying high, Prices are high above EMA 3,8, and 34 even it is above LSMA 34, but they all can change.

Happy trading.

Farooq

Edit: This is the sixth gap up morning we filled one and remaining 5 need to be filled some time in future. I do not believe every gap filled immediately, some time they get filled after 30 year, LOL.