The TQQQ short-term swing/bounce trade hit the revised suggested stop of any move below 54.00 after 10 am EST today. As the suggested stop was clipped with a brief dip down below 54.oo shortly after 11 am, this trade & all associated posts will be move to the Completed Trades category.
The total loss on this trade was 4.8% with a beta-adjusted loss of 2.9% (factoring in the 0.60 or 60% suggested position size).
I still favor a green close in the Nasdaq 100 today and/or tomorrow as QQQ is trading above the 169.60 support level after kissing it at the lows so far today while also reaching deeply oversold readings on the daily RSI. As such, I’ll be keeping a close eye on QQQ for the next objective entry, long or short.