Ok here is what we are going to do

I just took a good hard look at the market and figured out what we are going to do. I looked at my call options and suprizingly, they are not down too much. I was thinking that I would like to double up to shore up my calls as it was tempting to purchase cheap call options on a big downday.
But I cant do that, because the technicals are telling me there is a big drop coming.
On the flip side, I hate to purchase expensive puts, as they are pricey due to the drop today. However, I already took profit from this morning, and the chart says there is more drop to come.

Thus my quandary. Seeing that there was already a drop today and that I would be buying expensive puts, I feel that there could be a good chance of a mini snapback, market up tomorrow, killing my value.

But is always goes back to the market is due to have a few big down days. So this is what Im going to do. I am going to purchase puts on the QQQ close to at the money. If the market rebounds tomorrow, I am going to double down and try to purchase more for cheap when the prices get flattened because of the upday tomorrow if it happens. In other words, I am going to put my money for the dark side as I feel a drop is coming. If the market opens way low and there is a riotous drop in the morning tommorrow, I will jump in with a double down of put options. So lets kick this off with a QQQ  Jan to give us time at the money (close to it) put:

QQQ Jan 2016 112.500 put (QQQ160108P00112500)

-OPR Watchlist

2.50 0.73(41.24%) 3:15PM EST

Prev Close:	1.77
Open:	2.50
Bid:	2.47
Ask:	2.52
Strike:	112.50
Expire Date:	8-Jan-16

Day's Range:	2.50 - 2.50
Contract Range:	N/A - N/A
Volume:	10
Open Interest:	113

Thats will be all for today,

Tradinginsider