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The Nasdaq-100 ETF, QQQ, has experienced significant volatility recently, trading at $496.55 before dropping to $489.66 in premarket trading, reflecting a decline of $6.50. Traders have expressed caution regarding semiconductor stocks and the tech sector ahead of upcoming earnings reports. Notably, Broadcom (AVGO) is anticipated to test the $162.50 mark, while Micron Technology (MU) is being watched closely around the $118 level. Some traders have noted that QQQ has found support at the $477.50 level, which is seen as a potential rebound point after a decline of 25 points from last week's high. Overall, the sentiment among traders suggests a preference for hedging positions and a wait-and-see approach as the market approaches earnings season.
$QQQs I have been pointing to 476 all week as a level. Its held thus far. I would be happy with a deeper correction more like April's. Thus 469-470 the 50 day could be in the cards. My alpha is via positioning. Today we went short $DIA while adding $AMZN . $NVDA & $AAPL. Finally…
Seeing $QQQ find some buyers here at 477.50 level which is a decent gamma node and oversold short temr under the put wall...so could hold here today. QQQ also back at flat for the month of July now 25 points off last weeks high. Definitely a spot where can snapback here if…
$MU covered weekly 115 hedge with 113s swinging to a net credit of 0.40 vs August leaving 1.50+ of upside Willing to accept exposure below there into Friday looking for a close above 118 $SMH $QQQ