A lot with a little

Well, today was a gap fade setup pure and simple and the NYAD was the tell to follow to the bank. That, and the wimpy volume on the Qs were signs that the gap up was most likely to fail.I won't review the setup details again. . they are clearly spelled out in the How I Trade panel on the right of the blog.
Today I was feeling a bit frisky and noted the extreme volume in the Qs 42 near puts early on. Being a lazy sort, I figured the big guys knew something special so I picked up a block at .16. Now, just an an aside, I love these kind of plays and have probably made most of my money piling on these setups.
With the NYAD in steady decline after the first 5 minutes and the IWM leading the way down (not shown), I was looking to S1 as a reasonable target for today.
AT 13:00 the Qs made a dive for S1 on the highest volume bar of the day and I decided to bail as the 42 puts (QQQSP) hit .28/.29. I managed to get out a few seconds before the bid dropped to .27 and was thus able to book a .12 gain (75%) over 150 minutes. Only wish I had another 100 contracts, but things are always clearer in hindsight.
The market is still in a strong technical decline and I probably should have left a few of the contracts open to pick up further weakness but I'm done for the day and off to the links. A pick up item on Cheaphooker: (clever, huh?)

Cheaphooker was originally inspired by a weekend carry system for the British pound developed by Joe Krutsinger, the holder of Tradestation license #1 (back when TS was $2000-2500). Joe's been around a long time, is a master system developer and a great teacher and very entertaining speaker if you get a chance to see him (he's been at recent TradersExpos lately hawking, what else?, TS . Here's a little item from him and you can check out more of his products and record here.