Late day trade Purchase SPY puts/ QQQ call

Today we are going to purchase SPY puts that expire a few days out. Because this is dangerous given the time frame we are going to shore that up with a double down dose of Sept. QQQ's. Lets take a look at SPY's chart technicals:

The indicators are saying that this is a pretty good bet. Below is our in:

Now know that this is a risky bet because we are so close to expiration. You might be saying, Mark, what happens if it keeps going for a couple of days?
This is why we are going to shore this up with a few QQQ options. A right out the gate double down to handle this possibility.

QQQ chart. The cubes are showing more up pressure via the Williams%R

In looking at the QQQ chart for today you might see that there are similarities to the SPY chart. The difference is between the two charts, QQQ is showing more possibility for the upside. The more I think about it, I think that Im just going to do a single for the QQQ but a little bit outside of the money for greater profit in case there is a move up. Below is our in:

We are going with Sept to protect us with more time. It also gives me more time to double down/shore it up or roll it.
The optimum situation would be this: The market drops tomorrow we sell the spy put for a profit. The market climbs back up, we sell the QQQ call. Perhaps even with a double down on the QQQ call if the market dips hard enough to maximize profit.

Until later this evening,
Tradinginsider