The Q's have tested the bottom range of the symmetrical triangle frequently over the past few weeks which does not lend too much hope for a breakout in the upward direction yet. With all the news and government action, it remains very difficult to take a position to either side. However, a decisive move lower this week could be the start of a larger push downward. Also, any directional move should be met with a wary eye with options expiration on Friday and the myriad of possible moves within the financial sector which could whipsaw the market (as usual).
I might purchase a few of the February QQQQ puts at $30 today if I do see the Q's break the bottom channel line. It would be the best way to manage my risk and define the possible capital loss.
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