Talk about a reversal of fortune…and not in a good way.

Yesterday, the PowerShares QQQ ETF (QQQ) blasted out of the opening gate with a 97-point, or 0.6%, gain. But it lost all those gains and then some before closing with a 17-point loss.

However, the rest of the stock market fared much better. The Dow Jones Industrial Average was up yesterday.

Wild intra-day reversals, like yesterday, always get my attention because they often – not always – signal a market bottom or a market top.

Moreover, don’t forget about the 1.7% drop the Nasdaq suffered last Wednesday. That is strong evidence of a meaningful trend reversal.

On top of that, short-term interest rates have really jumped, with the yield on 1-year Treasuries hitting a 9-year high. That signals an increase of inflation (rising oil prices) and a shift of some sizable institutional money into “risk off” assets.

My point is that unfortunately, we are on the wrong side of the Nasdaq trade. And given the fact that your options expire next week, the right move is to grab the remaining value while you can. Here’s what to do:

SELL to close the PowerShares QQQ Trust (QQQ) December 15, 2017 call options, with a strike price of $155.00, symbol QQQ171215C00155000, at the market.

Best wishes,