Since I no longer think QQQ is going to drop much, if any, I decided to close my long puts on QQQ and keep the short puts. I’m exposing myself to a lot more risk by leaving the puts that I sold uncovered or matched with long puts, but don’t expect a selloff to take QQQ below my short strike of $133 before the August expiration. While QQQ was trading at $144.48, I sold to close my two QQQ August $139 puts for $0.45 each and received $87.71 after paying $2.29 in commission.

My plan with these puts was to make a profit if QQQ fell, but decided to get out while I still had some value in my long puts. $87.71 isn’t much, but it’s better than just letting it melt away with the calendar. I’m not ready to replace these yet, but will open a new spread before long probably.

Here’s my YouTube video showing my trade along with a brief account review of what else I have working and might need to close soon.

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