Brook Reef

Selling $270 QQQ puts expiring 9/30 for $2.20 10% notional position, if executed. Selling some puts on QQQ. This strike price gives me 10% downside protection in exchange for making 0.81% on my cash. Which isn't bad for a month-long trade and with that kind of protection. QQQ is down from ~$400/share at the start of the year - which is ~25% at today's level. To drop another 10% isn't out of the question, but also isn't a given. At my strike price of $270, that's down 32%+ from the high...not a bad time to consider buying.  Selling puts like this when you think the market might drop but you're ready to start building up a position is a great way to make money, protect capital, and get long.

Selling CSCO @ $49.40 Realized gain of $7.83 (18.84%) Selling CSCO on the pop today following earnings. Market is in a somewhat precarious position both from a technical perspective and from a cadence perspective. Volumes are down on the rally and the VIX has fallen to pretty over-extended lows. CSCO specifically has a gap to fill between the earnings announcement today and a quarter ago. I think I can buy back once either the market dust settles or CSCO falls...or both.

Covering QQQ @ $326.48 Realized gain of $6.89 (2.07%) Covering this trade before walking away for lunch and ahead of the Fed Minutes release this afternoon. I'm comfortable with the position and this was a somewhat quick trade, as stated in the SHORT note. No need to let a winner turn ugly.

Shorting QQQ @ $333.37 10% position Shorting QQQ here after the impressive summer rally. We'll see if the rally holds or not - but I'll hedge my long position (still 24% net long) and see what happens. I'm not going to give this one a long leash - if the rally ends, it ends. If it continues, I'm out.

Selling NFLX @ $250.35 Realized gain of $27.52 (12.38%) NFLX has a big gap to fill AND is about to bump into a declining 150-day moving average. Coupled with the possible coming cuts at various tech companies and I'll take my gain and run elsewhere.