The recent market rebound helped one group of stocks in particular—technology. And according to one trader, the rally isn't finished.
After a brief swoon, the S&P 500 has bounced back 1.8 percent in the past two days. But the ETF tracking the tech-heavy Nasdaq-100 (trading under the symbol QQQ) did a bit better, returning 2.2 percent during that time.
Earlier this week, he placed a bullish put spread where he sold the 109-strike puts while simultaneously buying the 108-strikes. Both options expire Friday. Since a put gives the purchaser the right to sell a stock at a specific price within a set time frame, that bullish put spread maximizes profits if shares reach the higher strike price. The QQQ opened at $109.85 on Thursday.