CNBC’s Options Action Trade for Jan 9th, 2017 – Powershares QQQ (QQQ)
On Friday’s CNBC’s Options Action, the crew analyzed the technology sector’s performance for the last quarter of 2016. Technology has been a strong performer for most of 2016, but has severely underperformed since the election. On Friday, the index broke out to new highs after consolidating above its $115 support level, suggesting possible moves higher. With all of the FANG stocks slated to report earnings before the Feb expiration, it provides the potential catalyst for this index to catch up with the overall market. Looking for a move higher, Michael Khouw suggested buying a Feb 122 Call for a $2.20 Debit.
We’ve structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience. You can also view the Options Action’s video by clicking on the following link: CNBC Options Action