P2 Trade Alert — QQQ Synthetic Covered Call Rol

We rolled the weekly short call on our QQQ synthetic covered call up and out

Regime Read

• Volatility: Low — VIX back in the high-teens after the early-June spike faded. Calm enough that short-dated call premium decays quickly, but cheap enough that we’re not over-selling it.

• Momentum: Bullish — QQQ has been pressing near its highs (~744), which is exactly why the old 696 call went deep in-the-money. This morning’s ~1% gap lower was a pause in an uptrend, not a reversal.

• Catalyst: Fed week — new chair Warsh’s first meeting, with the market expecting rates on hold. A morning of nerves ahead of it gave us the dip we wanted.