Closed the August QQQ puts on today's buyer print, then put a small one back on anyway using house money, 3% weight. Order flow's read is the seller who's supposed to defend this level hasn't shown up yet, but the top of the channel lines up with the 9-day ema, and that's the spot he could step in. The same order-flow guy is calling today's rally likely bait, so staying patient and sized small until the tape actually agrees. Puts aren't the main book here, $NBIS running +30% is doing the real work; the alt trade on the table was $SMH 530P into Aug 21, went with $QQQ instead on a possible SMH/IGV rotation.
Aggregated and distilled by Two Sentence Traders. Not financial advice.