$ProShares UltraPro QQQ(TQQQ)$

$ProShares UltraPro QQQ(TQQQ)$ NOV20 73C, still actionable.

Zone: $70.15 to $71.13

Invalidation: close under $67.43

Objectives: $74.24, then $79

The math: up 5.1% to the first objective and 11.8% to the second, against 4.5% risk on the invalidation, better than 2.6 to 1 to the second.

Think of this like a ball that got thrown down the stairs and finally stopped bouncing. The name fell hard for more than a week, found its footing near that Friday low, and then closed higher on Monday, which tells me sellers may be tired for now. That's why I like this swing in calls here, with room back toward the levels it lost on the way down. If that low gives way on a close, the picture changes and I step aside.

P.S. Watch the $72.44 high from Monday. A close above it would be the first sign the bounce has real legs.

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