Now guys, this is interesting....On Friday, right before market close we saw SM traders SWEEPING $TQQQ with some BIG Bullish option bets. $1.1M on options expiring next Friday.
Now here's the interesting part....$TQQQ is a 3x leveraged ETF that tracks the NASDAQ.
So...what does this mean...??
Well for every $1 the $QQQ moves to the upside, the $TQQQ ETF moves $3. These guys are not only betting $1Mil on their bullish bias on the NASDAQ, but they are betting it on a highly volatile 3x leveraged ETF...so they will make 3x MORE MONEY if they're right. Now that's the power of Smart Money Traders....!!!
Now to add a final piece to the puzzle to make it complete...these trades were all SWEEPERS meaning they were definitely opening new bullish positions on the $TQQQ.
Also, at this time, other traders were opening starter positions in the $QQQ.
Even if you are not interested in trading the $QQQ directly, this can be a GREAT PRECURSOR to the NASDAQ going up in the short term which means all of the tech and FANG names will catch fire as well...so watch those tickers like $AMZN, $AAPL, $NFLX, $NVDA, $ADBE, $TSLA, etc. as they all move with the NASDAQ.
To add even more gas to the fire, look for those Tech and FANG names that have the highest Relative Strength versus the NASDAQ (QQQ's) and you'll really catch some fire to the upside if these "Samrt Money" traders are right on their $1.1 Million prediction.
Trade Well Y'all.